Dropdown button for navigation mobile view

Miscellaneous Itemized Deductions

Miscellaneous Itemized Deductions

For tax years beginning after December 31, 2017 and before January 1, 2026, the allowance for miscellaneous itemized deductions subject to the 2% floor are suspended.

 

Background: Under old tax law, taxpayers were allowed to deduct certain miscellaneous itemized deductions to the extent they exceeded 2% of the taxpayer’s adjusted gross income.

 

1- Investment fees (Except investment interest);

2- Tax preparation fees;

3- Unreimbursed employee business expenses.

(a) Tax Planning Tip: Employees may negotiate for reimbursement by employers;

4- Non-business legal fees.

(a) Tax Tip: Study cause of action for business deduction purposes;

(b) Tax Tip: Study cause of action for income exclusion under the IRC 104(a)(2);

5- Dues to professional societies;

6- Educator expenses;

7- Home office or part of your home used regularly and exclusively in your work;

8- Job search exp. in your present occupation;

9- Laboratory breakage fees;

10- Legal fees related to your job;

11- Licenses and regulatory fees;

12- Malpractice insurance premiums;

13- Medical exams required by an employer;

12- Occupational taxes;

13- Passport for a business trip;

14- Business bad debt of an employee;

15- Business liability insurance premiums;

17- Depreciation on a computer your employer requires you to use in your work;

18- Dues to a chamber of commerce if membership helps you do your job;

19- Dues to professional societies; and

20- Educator expenses.

 

Zaher Fallahi, Tax Attorney, CPA, is a Tax Controversy Attorney, and defends taxpayers in resolving their Income Tax and Offshore Accounts (FBAR and FATCA) problems. Telephones: (310) 719-1040 (Los Angeles), (714) 546-4272 (Orange County), e-mail [email protected]