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Miscellaneous Tax Deductions

Miscellaneous deductions are basically deductions that do not fit in a certain tax category so there is a spot on the Schedule A where you deduct them. There is a certain catch to deducting these expenses though, the first one being the fact that you need to itemize your deductions on a Schedule A. The second catch is that you can only deduct these expenses if the sum of the expenses exceed 2% of the taxpayers adjust gross income (AGI). For example if your AGI is $25,000 then you need to come up with more than $500 in expenses (25,000x.02 = 500).
Some miscellaneous expenses included:

• Job tools.
• Unreimbursed employee expenses.
• Union dues.
• Job search costs for a new job in the same line of work.
• Tax prep fees.
• Travel and transportation related to your work.

Please consult your tax advisor on all the above information.

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