You may be eligible to pay fewer taxes if you itemize deductions on your tax return.
By itemizing deductions, you might become able to deduct some random expenses, leading to a possible reduction of your federal income tax, according to an Interal Revenue Service press release.
Most miscellaneous expenses can only be deducted if they are more than 2 percent of your adjusted gross income, which includes expenses such as unreimbursed employee expenses, expenses related to searching for a new job in the same profession, certain work clothes and uniforms, tools needed for your job, union dues and work-related travel and transportation.
Some costs, though, are not subject to that 2 percent limit, including some casualty and theft losses, which apply if you held the damaged or stolen property for investment in ways such as stocks, bonds or works of art, gambling losses up to the amount of gambling winnings and losses from Ponzi-type investment schemes, according to the release.
There are many expenses that are not deductible though – you cannot deduct personal living or family expenses, for one.
Find out more about miscellaneous deductions by reading this IRS booklet or by calling 800-829-3676.