Reduce Your Taxes with Miscellaneous Deductions If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as: • Unreimbursed employee expenses. • Expenses related to searching for a new job in the same profession. • Certain work clothes and uniforms. • Tools needed for your job. • Union dues. • Work-related travel and transportation. • Tax Preparation Fees Deductions Not Subject to the Two Percent Limit. Some deductions are not subject to the two percent of AGI limit. Some expenses on this list include: • Certain casualty and theft losses. This deduction applies if you held the damaged or stolen property for investment. Property that you hold for investment may include assets such as stocks, bonds and works of art. • Gambling losses up to the amount of gambling winnings. • Losses from Ponzi-type investment schemes. Many expenses are not deductible. For example, you can’t deduct personal living or family expenses
Posted on: Mon, 05 Aug 2013 13:23:56 +0000
Trending Topics
Recently Viewed Topics
© 2015