Expenses paid during a tax year for the purpose of producing, collecting, managing, and maintenance of income exceeding 2% of your Adjusted Gross Income (AGI) are deductible, but the expenses up to the first 2% of your AGI are not deductible. The expenses associated with earning income include investments expenses (including stock information and market quotations), computer, computer software, investment counsel and advisory fees, financial planning, magazine and newspaper subscriptions, books, internet, cable and satellite TV services, custodial and account service fees, fees to collect interest and dividends, safe deposit box fees to store securities and documentation, legal and accounting services, estate planning, lawyer fees, will preparation charges, calculators, office equipment and expenses, telephone charges, and travel expenses (including miles, tolls, parking, cab fares, and transportation costs) to visit investment or tax professionals and brokers (not including seminars, conventions, and similar meetings).

        Simply keep careful track of your expenses associated with earning income to ensure you claim the proper amount of deductions allowed for you. Refer to IRS Publication 529 - Miscellaneous Deductions for more details.


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