COMS & the Ghost of USRX w/ other STUFF Message Board

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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF

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Nov 21 9:30 AM EST

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To: Scrapps who wrote (10633)	12/13/1997 1:11:00 PM
From: Dwight E. Karlsen	Read Replies (3) of 22053

Re You can also bundle expenses that fall under the "miscellaneous" category if they total more than 2 percent of your adjusted income, Di Re said. These include unreimbursed employee business expenses, investment expenses, and tax preparation fees. This statement could use some clarification. You can only deduct that portion that exceeds 2% of your adjusted gross income. "This means you figure your deduction by subtracting 2% of your adjusted gross income (AGI) from the total amount of these expenses." - IRS Pub. 529. Example: Let's say your AGI is $40,000. The threshold at which your expenses would begin to be deductible is $800 (40,000 x .02). These "Job Expenses and Most Other Misc Deductions" are reported on lines 20 thru 26 of Sched. A - Itemized Deductions. Thus, if your expenses in this section are $850, the deductible amount is $50 ($850-800). If you are in the 28% bracket, your actual $$$ tax savings is.....are you ready???......$14. -VBG- Before you decide to put your tax preparer through the paces of claiming investment (or other) expenses, excercise a little common sense. Figure what your 2% threshold is, and if off the top of your head you know your investment expenses aren't going to exceed the threshold at all or by only a small amount, then don't waste time, effort, and money proceeding. DK

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