Originally Posted by
TBoneF15
Are you seriously saying that you deduct your haircuts and the interest on your car loan and credit cards?
I'm no accountant, but hmmmmm
Good luck on the audit, dude.
I should note that yes I do deduct haircuts, shoe shines, uniforms, etc. I'm required to look professional for my job and so these apply. It's part of the "2% haircut" ruling. You can deduct these amounts over a certain amount in the "Miscellaneous itemized deductions" column.
As the Two-Percent Haircut is a floor threshold for deducting miscellaneous itemized deductions, a taxpayer's deductions must exceed two-percent of the taxpayers adjusted gross income.
For example, suppose a taxpayer in Year One has an adjusted gross income of $100,000. Two percent of the adjusted gross income is $2,000. To be able to deduct miscellaneous itemized deductions in calculating taxable income, the taxpayer's miscellaneous itemized deductions must exceed $2,000. If the taxpayer has miscellaneous itemized deductions of $5,000, the taxpayer may deduct $3,000 ($5,000-$2,000=$3,000). If the taxpayer has miscellaneous itemized deductions of only $1,000, the taxpayer will not be able to deduct anything because their deductions do not exceed the $2,000 (2%) floor.