Are you itemizing your deductions, in your individual income tax return? Consider deducting, miscellaneous expenses. There are three types of miscellaneous expenses which qualify for itemized deductions. They are unreimbursed employees expenses, Tax preparation fees and certain other expenses. Un-reimbursed employee expenses should be paid and should be ordinary and necessary. They should be further paid for carrying on your trade or business as an employee. Tax preparation fees can be deducted on return for the year in which you pay. So on your current return; you can deduct the fees paid for your previous year’s return. If you incur any expense to produce or collect taxable income which is included in your gross income, it can be deducted. If you incur expenses to manage, conserve or maintain a property held for producing income, it can also be deductible. Lastly, expenses to determine, contest, pay or claim or refund are also deductible. But remember, these expenses are deductible only to the extent that they exceed 2% of your adjusted gross income.
