Join Early Retirement Today
Thread Tools Search this Thread Display Modes
2% of AGI - miscellaneous deductions
Old 02-03-2006, 01:16 PM   #1
Thinks s/he gets paid by the post
maddythebeagle's Avatar
Join Date: Jun 2005
Posts: 2,450
2% of AGI - miscellaneous deductions'

anybody have some good examples of being able to use this.


- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: 2% of AGI - miscellaneous deductions
Old 02-03-2006, 01:19 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
Join Date: Mar 2003
Posts: 15,910
Re: 2% of AGI - miscellaneous deductions

Sure. I deducted business school tuiton. Way more than 2% AGI, and it actually tossed me into AMT land.

"Neither my companion or I carry firearms on our persons. We depend on the goodwill of our fellow man and the forbearance of reptiles."

- English Bob
brewer12345 is offline   Reply With Quote
Re: 2% of AGI - miscellaneous deductions
Old 02-03-2006, 02:32 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 7,662
Re: 2% of AGI - miscellaneous deductions

If your employer required you to have your own tools to work at a job, my impression is that you can deduct the cost of those tools.* For example, our service engineers must have their own tools.*

If you must buy your uniforms and steel-toed shoes for work.* The first year of work when you are getting these things set up can be expensive.

My impression is that many of the things that one would deduct on a Schedule C (if you had a business) could go in this category.* I have a little income from consulting, so I put these kinds of deductions on my Schedule C rather than on Schedule A.

Edited to add: IRS stats from 2003 show that about 9% of individual tax returns actually claim this deduction.
LOL! is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Living on a budget and the MISCELLANEOUS COLUMN modhatter Life after FIRE 11 04-11-2007 06:29 PM
AGI and State Tax Refund jazz4cash FIRE and Money 12 02-14-2007 08:54 AM
Reducing AGI kjpliny FIRE and Money 11 01-04-2007 10:36 PM
Tax Question: Accelerating deductions for 2005 cube_rat Young Dreamers 24 12-08-2005 08:00 AM
RV's and tax deductions cute fuzzy bunny Life after FIRE 2 01-09-2005 09:53 AM


All times are GMT -6. The time now is 02:47 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.