Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions. To do that, they must itemize their deductions instead of taking the standard deduction on their tax return. Here are several tips from the IRS about miscellaneous deductions: The Two […]
Claiming a Tax Deduction for Medical and Dental Expenses Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can deduct medical and dental expenses on your tax return: You can only claim your medical expenses that you paid for in 2015 if you itemize deductions on your federal tax return. Include all […]
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