Form 2159 Minnesota 2024-2025

Form 2159 Minnesota: What You Should Know

Schedule M1C on which such Schedule M1W applies. If you have the same employer and file separate returns, enclose any schedule M1C. Complete Schedule M1M. For details about how to complete Form M1, see the instructions in Schedule M1. Enter the total amount on Line 14 of your Schedule M1M. For information on line 14, see Publication 594, Sales and Use Tax, and Form 540, Sales and Use Tax Return. Fill out Line 14 and all the next line. For detailed instructions and the instructions to Line 25, see Publication 597-B, Sales and Use Tax for Individuals: Annual Returns for Sales or Other Taxable Events. You may add itemized deductions (line 29) for business expenses that are not business-related, such as: personal medical or hospital insurance premiums Costs of buying business equipment, computers, supplies and software If you claim medical or hospital insurance or other deductibles under paragraph (B)(1)(i), and have not made a claim for reimbursement from your employer, you will not be able to take itemized deductions on line 29. In which taxable years can you deduct the business-related cost of buying business equipment, computers, supplies and software? For more information, see Publication 587, Business Expenses. See Publication 587-B, Business Expenses. Am I limited to deducting the business-related cost of buying business equipment, computers, supplies and software that are not deductible in other ways? No, you may also deduct business-related expenses such as computer equipment, supplies and software that are deductible in the following cases: if the expenses are: incurred in the business that generates the income that is claimed on the return. If the expenses are not allowable in a previous year, and they do not result in increasing the gross income for the period. Am I limited to deducting business-related expenses such as business equipment, computers, supplies and software that don't qualify under the other above cases? No, you may use other allowable business-related business expenses, such as computer equipment, supplies and software that are:  (a) necessary for or incidental to the business activities that are claimed on the return; (b) a component of the business operations that are claimed on the return; or (c) incidental to the business activities that are claimed on the return.

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