IRS Summertime Tax Tip 2015-09: Keep Track of Miscellaneous Deductions
Internal Revenue Service (IRS) sent this bulletin at 07/22/2015 09:00 AM EDT
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Issue Number: IRS Summertime Tax Tip 2015-09Inside This IssueKeep Track of Miscellaneous Deductions Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize. Here are some IRS tax tips you should know that may help you reduce your taxes: Deductions Subject to the Limit. You can deduct most miscellaneous costs only if their sum is more than two percent of your adjusted gross income. These include expenses such as:
Deductions Not Subject to the Limit. Some deductions are not subject to the two percent limit. They include:
There are many expenses that you can’t deduct. For example, you can’t deduct personal living or family expenses. You claim allowable miscellaneous deductions on Schedule A, Itemized Deductions. For more about this topic see Publication 529, Miscellaneous Deductions. You can get it on IRS.gov/forms at any time. Additional IRS Resources:
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