Fwd: IRS Summertime Tax Tip 2014-19: Miscellaneous Deductions Can Cut Taxes

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From: Internal Revenue Service (IRS) <irs@service.govdelivery.com>
Date: Thu, Aug 14, 2014 at 12:38 PM
Subject: IRS Summertime Tax Tip 2014-19: Miscellaneous Deductions Can Cut Taxes
To: iammejtm@gmail.com

IRS Tax Tips August 15, 2014

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Issue Number:    IRS Summertime Tax Tip 2014-19 Inside This Issue   Miscellaneous Deductions Can Cut Taxes   You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill.  Here are some things the IRS wants you to know about miscellaneous deductions: Deductions Subject to the Two Percent Limit.  You can deduct most miscellaneous costs only if their total is more than two percent of your adjusted gross income. These include expenses such as: Unreimbursed employee expenses. Expenses related to searching for a new job in the same line of work. Certain work clothes and uniforms. Tools needed for your job. Union dues. Work-related travel and transportation. Deductions Not Subject to the Two Percent Limit.  Some deductions are not subject to the two percent limit. They include: Certain casualty and theft losses. Generally, this applies to damaged or stolen property that you held for investment. This includes items such as stocks, bonds and works of art. Gambling losses up to the amount 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 or by calling 800-TAX-FORM (800-829-3676). Additional IRS Resources: Tax Topic 508 – Miscellaneous Expenses IRS YouTube Videos: Standard Versus Itemized Deductions – English | Spanish | ASL IRS Podcasts: Standard Versus Itemized Deductions – English | Spanish   Back to Top Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

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Jeremy Tobias Matthews