If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax.

Here are some things you should know about miscellaneous deductions:

Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include 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.
  • Work-related travel and transportation

Deductions Not Subject to the Two Percent Limit. Some deductions are not subject to the two percent of AGI limit. Some expenses on this list include:

  • Certain casualty and theft losses. This deduction applies if you held the damaged or stolen property for investment. Property that you hold for investment may include assets such as stocks, bonds, and works of art.
  • Gambling losses up to the amount of gambling winnings.
  • Losses from Ponzi-like investment schemes.

Many expenses are not deductible. For example, you can't deduct personal living or family expenses. Report your miscellaneous deductions on Schedule A, Itemized Deductions. Be sure to keep records of your deductions as a reminder when you file your taxes in 2014.

Learn more about these rules in Publication 529, Miscellaneous Deductions. The booklet is available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Why navigate miscellaneous deductions on your own if you don't have to? TaxACT walks you through hundreds of deductions quickly and easily for your guaranteed maximum refund. Prepare, print and e-file your Form 1040 tax return, Schedule A and all e-fileable federal forms FREE with TaxACT Free Federal Edition.

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Upcoming Tax Dates

June 1 Wagering tax
File Form 730 and pay the tax on wagers accepted during April.

June 1 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in April.

June 10 Employees who work for tips
If you received $20 or more in tips during May, report them to your employer - Details

June 10 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of May.

June 15 Individuals
If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file - Details

June 15 Individuals
Make a payment of your 2015 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment - Details

June 15 Corporations
Deposit the second installment of estimated income tax for 2015 - Details

June 15 Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in May.

June 15 Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in May.

June 25 Regular method taxes
Deposit the tax for the last 16 days of May.

June 29 Regular method taxes
Deposit the tax for the first 15 days of June.

June 30 Wagering tax
File Form 730 and pay the tax on wagers accepted during May.

June 30 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in May.

June 30 Floor stocks tax for ozone depleting chemicals
(IRS No. 20). Deposit the tax for January 1, 2015.

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