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Other deductions

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Updated: 3/02/2007 6:06 pm
What the IRS calls miscellaneous deductions includes work uniforms, job-hunting trips, employment agency fees you pay yourself, union dues, and job-related magazine subscriptions. A few of the others include home offices for employees, business travel you pay yourself, and other job-related expenses. Keep in mind that you must keep accurate records to verify your deductions. This includes receipts, canceled checks, financial account statements, and any other relevant documents. There are many rules and regulations that govern whether the IRS will or will not allow these deductions. However, one thing most of them have in common is that you may not deduct anything at all unless the amounts in question are larger than 2 percent of your adjusted gross income, and then, the deduction only applies to expenses greater than that so-called '2-percent floor'. These tips are provided to give you general information about your taxes. If you have specific questions, please consult a tax advisor or call the toll-free number for Federal Tax Information and Assistance at 1-800-829-1040.
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