Can New Yorkers Deduct Masks & PPE When They File Taxes?
Both the federal and state tax filing deadline has been extended. There may be time for you to deduct things like masks and sanitizer.
How much have you or your business spent on products to help keep safe during the coronavirus pandemic?
In the beginning of the pandemic we needed Lysol and plenty of soap. Then we moved to needing masks and plenty of them. Stores and restaurants in the Hudson Valley needed even more than your average home.
PPE was an acronym that was foreign to most of us about a year ago. It was something you most likely heard if you worked in the medical field. Now all of us seem to be way too familiar with personal protective equipment.
With all the money we've spent on masks and disinfectant over the past year are we able to get any of that money back? Years worth of PPE has added up and IRS says that it's absolutely tax deductible.
According to Accounting Today, items used to protect you from the spread of COVID-19 are federally tax deductible as they do count as medical expenses. However, there are some stipulations. The money spent on personal protective equipment must be 7% greater than your gross adjusted income.
If you have not filed yet you may qualify to deduct some of your PPE expenses from 2020. The state and federal tax deadline have both been extended. Federal taxes must be filed by Monday, May 17 while New York State taxes have been extended to the same day.
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