maximize miscellaneous deductions
The IRS allows some tax deductions that do not fit into specific categories, such as whether an employee can claim the purchase of work uniforms. Knowing how to navigate these deductions can provide extra relief to help reduce taxable income and owed debts. Here is a breakdown of some items to keep in mind if you intend to claim miscellaneous deductions.
How much can you claim?
Taxpayers can typically only claim miscellaneous deductions if the total sum of what they’re claiming exceeds 2% of their adjusted gross income (AGI). For example, if your AGI was $55,000, then your miscellaneous deductions must total at least $1,100.
What can you claim?
Some common deductions include the following expenses:
- Costs incurred from finding a new job in the same field of work
- Tools you must use to do your job
- Dues you pay to unions
- Travel and transportation for work
Other details may apply, and you can find more information on the IRS website.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax advisor.
Tip courtesy of IRS.gov
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