What is the difference between expenses and miscellaneous?
What is the difference between expenses and miscellaneous? Regular, extensive, and ongoing expenses, such as payroll, office rent, and inventory supplies, will all have their own account to track and record associated costs every month. On the other hand, miscellaneous expenses are costs to your business that willn't fall into a specific category.
What is the limit on miscellaneous expenses?
The 2% rule limits the amount of miscellaneous expenses you can deduct. Under this guideline, you can only write off certain costs if the total amount is equal to more than 2% of your adjusted gross income (AGI).