Thursday, July 23, 2015

IRS Summertime Tax Tip 2015-09: Keep Track of Miscellaneous Deductions



IRS.gov Banner
IRS Tax Tips July 22, 2015
Useful Links: IRS.gov Home
Help For Hurricane Victims

News Essentials What's Hot
News Releases
IRS - The Basics
IRS Guidance
Media Contacts
Facts & Figures
Around The Nation
e-News Subscriptions

The Newsroom Topics Multimedia Center
Noticias en EspaƱol
Radio PSAs
Tax Scams
The Tax Gap
Fact Sheets
IRS Tax Tips
Armed Forces
Latest News Home

IRS Resources Compliance & Enforcement News
Contact My Local Office
Filing Options
Forms & Pubs
Frequently Asked Questions
Taxpayer Advocate
Where to File
IRS Social Media


Issue Number: IRS Summertime Tax Tip 2015-09Inside This Issue
Keep 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:
  • Unreimbursed employee expenses.
  • Job search costs for a new job in the same line of work.
  • Some work clothes and uniforms.
  • Tools for your job.
  • Union dues. • Work-related travel and transportation.
  • The cost you paid to prepare your tax return. These fees include the cost you paid for tax preparation software. They also include any fee you paid for e-filing of your return.
Deductions Not Subject to the Limit. Some deductions are not subject to the two percent limit. They include:
  • Certain casualty and theft losses. In most cases, this rule applies to damaged or stolen property you held for investment. This may include property such as stocks, bonds and works of art.
  • Gambling losses up to the total of your gambling winnings.
  • Losses from Ponzi-type investment schemes.
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:
IRS YouTube Videos:
IRS Podcasts:

No comments: