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 taxattorney@zfcpa.com