Miscellaneous Deductions Can Trim Taxes

Miscellaneous deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you should know about these deductions:

The Two Percent Limit. You can deduct most miscellaneous costs only if their sum is more than two percent of your adjusted gross income. These include expenses such as:

Be Thankful for your Taxes

This week we’ll be getting ready to celebrate one of our country’s best holidays, Thanksgiving. While we’re selecting our turkey and preparing the feast we can’t help but think back to when our forefathers first came to this great land. Every year since we’ve been working to create a better America, and one way that we’re able to achieve that, is through our taxes.

Why Are You Being Audited?

The most terrifying thing you can receive after you’ve submitted your taxes is a letter from the IRS informing you that your taxes are being audited. While there is nothing inherently bad about being audited, it still can strike fear in the hearts of even the most stoic tax-payers. Audits are simply the IRS checking your numbers as they are very invested in ensuring that people aren’t cheating on their taxes.

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