About: Two-percent haircut

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In the United States tax system, the two-percent haircut, otherwise known as the two-percent floor, is a limitation on miscellaneous itemized income tax deductions and is codified under Internal Revenue Code IRC § 67(a). IRC § 67(a) states that a taxpayer can deduct "miscellaneous itemized deductions" only to the extent that the aggregate of such deductions exceed two percent of the taxpayer's adjusted gross income.

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  • In the United States tax system, the two-percent haircut, otherwise known as the two-percent floor, is a limitation on miscellaneous itemized income tax deductions and is codified under Internal Revenue Code IRC § 67(a). IRC § 67(a) states that a taxpayer can deduct "miscellaneous itemized deductions" only to the extent that the aggregate of such deductions exceed two percent of the taxpayer's adjusted gross income. (en)
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  • In the United States tax system, the two-percent haircut, otherwise known as the two-percent floor, is a limitation on miscellaneous itemized income tax deductions and is codified under Internal Revenue Code IRC § 67(a). IRC § 67(a) states that a taxpayer can deduct "miscellaneous itemized deductions" only to the extent that the aggregate of such deductions exceed two percent of the taxpayer's adjusted gross income. (en)
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  • Two-percent haircut (en)
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