Certain miscellaneous expenses you pay during the year may be tax-deductible. Examples include fees you pay for tax advice and employee expenses such as union dues, tools needed for your job, certain work clothes and uniforms, and work-related travel. If you itemize, these deductions could lower your tax bill. Most miscellaneous deductions can only be deducted if their total is more than two percent of your adjusted gross income. Other miscellaneous deductions are not subject to the two percent limit. Some examples: certain casualty and theft losses and gambling losses.
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Tags: miscellaneous deductions
Written by: Doug Rodrigues