IRS Summertime Tax Tip 2016-09: Miscellaneous Deductions Can Trim Taxes
Internal Revenue Service (IRS) sent this bulletin at 07/22/2016 10:08 AM EDT
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Issue Number: IRS Summertime Tax Tip 2016-09Miscellaneous Deductions Can Trim Taxes Miscellaneous deductions may reduce your tax bill. 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. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you should know about these deductions: The Two Percent 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:
You can’t deduct some expenses. For example, you can’t deduct personal living or family expenses. 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. IRS Tax Tips provide valuable information throughout the year. IRS.gov offers tax help and info on various topics including common tax scams, taxpayer rights and more. Additional IRS Resources:
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