{"id":402,"date":"2024-03-05T05:35:14","date_gmt":"2024-03-05T10:35:14","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=402"},"modified":"2024-11-23T08:25:31","modified_gmt":"2024-11-23T13:25:31","slug":"dont-overlook-the-benefits-of-miscellaneous-deductions","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=402","title":{"rendered":"Don\u2019t Overlook the Benefits of Miscellaneous Deductions"},"content":{"rendered":"<h3><span style=\"font-size: large;\"><span style=\"font-family: Times New Roman;\">Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Summertime Tax Tip 2012-17<\/span><\/span><\/h3>\n<h3><span style=\"font-size: large;\"><span style=\"font-family: Times New Roman;\">Inside This Issue<\/span><\/span><\/h3>\n<div align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Here are some things you should know about miscellaneous tax deductions:<\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\"><strong>Deductions Subject to the 2 Percent Limit. <\/strong>You can deduct the amount of certain miscellaneous expenses that exceed 2 percent of your adjusted gross income. Deductions subject to the 2 percent limit include:<\/span><\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Unreimbursed employee expenses such as searching for a new job in the same profession, certain work clothes and uniforms, work tools, union dues, and work-related travel and transportation.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Tax preparation fees.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Other expenses that you pay to:\u00a0<\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">\u2013 Produce or collect taxable income,<br \/>\n\u2013 Manage, conserve, or maintain property held to produce taxable income, or<br \/>\n\u2013 Determine, contest, pay, or claim a refund of any tax.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Examples of other expenses include certain investment fees and expenses, some legal fees, hobby expenses that are not more than your hobby income and rental fees for a safe deposit box if it is not used to store jewelry and other personal effects.\u00a0<\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\"><strong>Deductions Not Subject to the 2 Percent Limit.\u00a0<\/strong> The list of deductions not subject to the 2 percent limit of adjusted gross income includes:<\/span><\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Casualty and theft losses from income-producing property such as damage or theft of stocks, bonds, gold, silver, vacant lots, and works of art.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Gambling losses up to the amount of gambling winnings.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Impairment-related work expenses of persons with disabilities.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Losses from Ponzi-type investment schemes.<\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Qualified miscellaneous deductions are reported on Schedule A, Itemized Deductions. Keep records of your miscellaneous deductions to make it easier for you to prepare your tax return when the filing season arrives.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">There are also many expenses that you cannot deduct such as personal living or family expenses. You can find more information and examples in IRS Publication 529, Miscellaneous Deductions, which is available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).<\/span><\/span><\/span><br \/>\n<span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\"><strong>Links:<\/strong><\/span><\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\">Publication 529, Miscellaneous Deductions (<\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;130&amp;&amp;&amp;http:\/\/www.irs.gov\/pub\/irs-pdf\/p529.pdf\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">PDF<\/span><\/a><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">)<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\">Tax Topic 508 \u2013 <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;131&amp;&amp;&amp;http:\/\/www.irs.gov\/taxtopics\/tc508.html\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">Miscellaneous Expenses<\/span><\/a><\/li>\n<li><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\">Schedule A Itemized Deductions (<\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;132&amp;&amp;&amp;http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">PDF<\/span><\/a><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">)<\/span><\/span><\/span><\/li>\n<li><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\">Instructions for Schedule A (<\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;133&amp;&amp;&amp;http:\/\/www.irs.gov\/pub\/irs-pdf\/i1040sca.pdf\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">PDF<\/span><\/a><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">)<\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\"><strong>YouTube Videos:<\/strong><\/span><\/span><\/span><\/p>\n<ul>\n<li><em><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\">Standard Versus Itemized Deductions &#8211; <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;134&amp;&amp;&amp;http:\/\/www.youtube.com\/watch?v=6ZkUnoZAO5A\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">English<\/span><\/a><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\"> | <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;135&amp;&amp;&amp;http:\/\/www.youtube.com\/watch?v=2N9cpK0W8b4\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">Spanish<\/span><\/a><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\"> | <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;136&amp;&amp;&amp;http:\/\/www.youtube.com\/watch?v=oo_BTUskGHI\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">ASL<\/span><\/a><\/em><\/li>\n<li><em><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\">Record Keeping &#8211; <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;137&amp;&amp;&amp;http:\/\/www.youtube.com\/watch?v=RX7D2JBCOQE\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">English<\/span><\/a><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\"> | <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;138&amp;&amp;&amp;http:\/\/www.youtube.com\/watch?v=UMvIElPeZns\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">Spanish<\/span><\/a><span style=\"font-size: medium; font-family: Times New Roman; color: #000000;\"> | <\/span><a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIwODEzLjk3Mjg2ODEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTIwODEzLjk3Mjg2ODEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzExNTc1MSZlbWFpbGlkPWZjYUBmY2FsbGMuYml6JnVzZXJpZD1mY2FAZmNhbGxjLmJpeiZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&amp;&amp;&amp;139&amp;&amp;&amp;http:\/\/www.youtube.com\/watch?v=eAcQqHrEng8\"><span style=\"font-size: medium; font-family: Times New Roman; color: #0000ff;\">ASL<\/span><\/a><\/em><\/li>\n<\/ul>\n<p><strong><span style=\"font-family: Times New Roman; color: #000000;\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman;\">Note. From Issue Number: IRS Tax Tip 2012-17. Copyright 2013 by Copyright Holder. Reprinted with permission.<\/span><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Summertime Tax Tip 2012-17 Inside This Issue If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces &hellip; <a href=\"https:\/\/www.fcallc.biz\/blog\/?p=402\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,41,4,8],"tags":[],"class_list":["post-402","post","type-post","status-publish","format-standard","hentry","category-education","category-personal-finance","category-savings","category-taxes"],"_links":{"self":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=402"}],"version-history":[{"count":1,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions"}],"predecessor-version":[{"id":403,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions\/403"}],"wp:attachment":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}