The most extreme category of hurricane is Category 5, where winds exceed 156 mph. Hurricane Andrew, which destroyed large swaths of Miami and south Florida in 1992, was a Category 5 hurricane. In a Category 5 storm, large trees, signs, residential and industrial buildings can be completely demolished.
A taxpayer can only deduct the amount of miscellaneous itemized deductions that exceed 2% of their adjusted gross income. For example, if a taxpayer has adjusted gross income of $50,000 with $4,000 in miscellaneous itemized deductions, the taxpayer can only deduct $3,000, since the first $1,000 is below the 2% floor.
As a general rule, take whichever amount is greater, the standard deduction or the total of your itemized deductions. Some common itemized deductions are charitable contributions, mortgage interest, property taxes, employee business expenses, and medical expenses.he IRS allows you to reduce your taxable income in one of two ways. The first way is by using a predetermined amount-the standard deduction. The second option is by claiming certain actual expenses, known as itemized deductions.