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.
Eliminates the need to itemize deductions, like medical expenses and charitable donations; Lets you avoid keeping records and receipts of your expenses in case youâre audited by the IRS; Itemized deductions. Itemized deductions also reduce your taxable income. Ex: If youâre in the 15% tax bracket, every $1,000 in itemized deductions knocks $150 off of your tax bill. You might benefit from itemizing your deductions on Form 1040, Schedule A if you: Have itemized deductions that total more than the standard deduction you would receive; Had large, uninsured medical and dental expenses; Paid mortgage interest and real estate taxes on your home