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When you file your taxes, you can claim the standard deduction or choose to itemize. However, recent changes in tax law have dramatically reduced the percentage of Americans who itemize. For You:...
You can itemize deductions by filing Schedule A, Form 1040, Itemized Deductions. Itemized deductions that may be claimed include: ... Unreimbursed medical and dental expenses that exceed 7.5% of ...
Add up your itemized expenses. Compare that amount to your standard deduction. Decide whether itemizing is to your advantage. Take a look at one example. Say you paid $10,000 in interest on a ...
The most significant expense that is categorized as a miscellaneous itemized deduction is the unreimbursed business expenses of an employee. [3] It is a possibility that Congress imposed the two-percent haircut on these expenses in order to weed out portions that may have been personal in nature, as major employee expenses are generally ...
Since the passage of the Tax Cuts and Jobs Act in 2017, all miscellaneus itemized deductions, including unreimbursed employee expenses, have been eliminated. As a result, performing artists no longer have the option to deduct their performing artist expenses as unreimbursed employee expenses (one of several miscellaneus itemized deductions).
Medical expenses, only to the extent that the expenses exceed 7.5% (as of the 2018 tax year, when this was reduced from 10%) of the taxpayer's adjusted gross income. [2] (For example, a taxpayer with an adjusted gross income of $20,000 and medical expenses of $5,000 would be eligible to deduct $3,500 of their medical expenses ($20,000 X 7.5% ...