Essay Available:
Pages:
1 pages/≈275 words
Sources:
1
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.68
Topic:
Miscellaneous Itemized Deductions and the Limitations Imposed
Essay Instructions:
Identify some common miscellaneous itemized deductions and identify any limitations imposed on the deductibility of these items.
One itemized deduction allowed is for medical expenses. In what cases are medical insurance premiums paid by an individual not deductible as qualified expenses?
Essay Sample Content Preview:
Itemized Deductions
Name
Institutional Affiliation
Course name & number
Professor
Due date
Miscellaneous itemized deductions
Miscellaneous itemized deductions refer to various nonbusiness-related expenses that taxpayers would itemize as deductions against one’s taxable income and that used to be subject to the 2% of adjusted-gross-income limitation. The Tax Cuts and Job Act (TCJA) of 2018 eliminated the following personal itemized deductions. Unreimbursed job expenses include job travel, transportation and food expenses, union dues, business insurance premiums, a fee to professional societies, home office expenses, work clothes, work tools, and supplies, and legal fees. Investment expenses are another deduction, including investment advice and management fee, legal and tax help fees, IRA trustee fees, and safety deposit box fees. Other deductions include tax preparation fees, hobby expenses, and fees to cover legal fights against the IRS (“Publication 529 (12/2020). miscellaneous deductions,” 2020).
According to IRS Publication 529, while one cannot cla...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now: