MISCELLANEOUS EXPENSES

There are a few categories of miscellaneous expenses you can claim as tax deductions. All require filing a 1040 form (not 1040EZ or 1040A). Keep in mind that this is only beneficial if the total of your miscellaneous itemized deductions plus the rest of your itemized deductions equal less than your standard deduction amount.

ITEMIZED DEDUCTIONS–MISCELLANEOUS EXPENSES #1

Various work-related expenses fall under the category of “miscellaneous deductions”: Job-hunting and job travel union dues tax preparation safety deposit box fees Work-related publications, magazine subscriptions Take note that you are only eligible to deduct the portion of these expenses that exceeds 2% of your Adjusted Gross Income (AGI), and only for expenses your employer did not reimburse you for.

Itemized Deductions – Charitable Contributions and Gambling, Theft Loss, or Ponzi Schemes

Various expenses accrued in business ventures can be claimed as tax deductions: Appraisal fees for casualties, theft losses, Ponzi-schemes (pyramid schemes), or gambling losses (up to amount of winnings) Charitable contributions Depreciation of value of home computers used for investment Fees associated with collecting taxable income These misc. deductions are also subject to the 2% AGI limit.

Itemized Deductions – Hobbies

Did you know you can claim tax deductions on your hobbies? As long as your hobby is not registered as a Schedule C business, hobby expenses, up to the amount of income you received from those hobbies, can be itemized as miscellaneous deductions. You will have to keep careful track of these expenses in the same way that any business would. You may even deduct any legal fees related to producing or collecting your taxable income, including those associated with doing your job or keeping your position, or to collect taxable alimony. Like the other misc. deductions, these are also subject to the 2% AGI limit.

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