question.jpgIn Federal Income Tax

What miscellaneous expenses can I deduct?

When you are itemizing your deductions, as opposed to taking the standard deduction, there are certain broad categories of specific deductions, including charitable contributions, interest expenses and medical and dental expenses. There are also other expenses which do not fall into one of these broad categories and are instead considered miscellaneous expenses.

The most common miscellaneous expenses are job related expenses and travel and entertainment expenses. However, there are a variety of other expenses which can also qualify as miscellaneous expenses. All of these miscellaneous expenses can generally be deducted to the extent that they exceed 2% of your adjusted gross income. If it applies to your situation, you may also need to reduce your miscellaneous deduction pursuant to the 2% reduction.