Tag Archives: miscellaneous deduction

Looking for a Job? Deduct Expenses!

Did you know that you can deduct expenses incurred from job searching? However, the IRS has strict guidelines regarding what is eligible for deduction and what isn’t. All job search expenses must be within your current industry. Looking for a new occupation or a new line of work will not qualify for deduction. The following […]

Looking For a Job? Deduct Search Expenses

Are you on the hunt? Looking for that perfect new job? While it may not seem too costly to perform a full on job search, little and the expenses can really add up over time. When you combine postage, cost of printing your resume, travel, and work samples you can really have a hefty expense. […]

There’s more to being a cashier than just scanning a barcode with a red laser. If you’re aware of all the tasks that a cashier does, you’ve likely been employed as one at some point. As a cashier, you are entitled to some expense deductions at tax time that can save you money on your […]

Anyone who works for a package handling company is subject to the same rules at tax time as many other employees. Whether you work in the warehouse, or you are responsible for package logistics, you will receive Form W-2, Wage and Tax Statement from your employer. This form will list all of your income received […]

You make your living by performing in front of others, be it through song, dance, spoken word, or some other medium. If you work for a specific venue, you may receive a Form W-2, as they would be considered your employer. However, if you freelance or receive payments from someone you don’t work for regularly, […]

Working in a factory, whether in production or warehouse can be a fulfilling career. If you are a factory worker, you’ll need to know a few things about your income taxes to ensure you are filing correctly at tax time. Your employer will provide you with a Form W-2, Wage and Tax Statement, which will […]

In order to deduct qualifying expenses as miscellaneous itemized deductions, they have to exceed 2% of your adjusted gross income. There are generally three different costs that fall under miscellaneous deductions, and therefore are subject to the 2% limitation: unreimbursed employee expenses, tax preparation costs, and certain other expenses. There are some unreimbursed employee expenses […]

Did you know that as an employee you could probably deduct your current work-related costs as an itemized deduction (subject to limitations) in Form 1040, Schedule a, Itemized Breaks? Though travelling expenses are not normally deductible, you may be able to claim some local commuting expenses. Deductible local travelling charges consist of the normal and […]

What are Itemized Deductions?

Chosing to itemize your deductions at tax time can prove beneficial in many ways. When you itemize, you list all of your expenses and amounts paid on Schedule A of Form 1040 when you file your tax return. These expenses can range from medical or dental care and state or local income tax, to mortgage […]

Itemized Deduction Limits

Some itemized deductions have different amount limitations, depending on the type of deduction. Generally, the limits are figured on a scale based off a percentage of the taxpayer’s adjusted gross income (AGI). In order to determine what you can deduct, you will have to subtract the corresponding percentage of your AGI from the total amount […]