Bizarre Tax Deductions That Are Totally Legal
If you are wrapping up your taxes this year, filing an extension, or even looking ahead to next year’s return, there are some “strange but true” tax deductions that you should be aware of….while they might seem a little bizarre and off the wall, they are perfectly legal and can save you some cash if you happen to qualify!
1. Moving your pet
You probably know that if you move for a new job, your moving expenses are tax deductible…but, you can ALSO deduct the expenses for moving your pet.
2. Clarinet Lessons
Over 40 years ago, a tax provision was passed that allowed taxpayers to deduct the cost of clarinet or other music lessons. These can qualify as a medical expense that is linked to improvements with a child’s overbite.
3. Swimming Pool
If you happen to have a medical condition that could be improved by swimming, a pool in your backyard might actually qualify as a deduction!
4. Legal Defense
If you have been convicted for a crime, you may owe money (or time) to the government…but, it is possible to deduct the cost of your legal expenses.
5. Weight Loss Programs
How many of us have been told by our physicians that we need to lose some weight? Well, if your doctor signs off, you can actually deduct the cost of many weight loss programs.
6. Smoking Cessation Programs
Maybe it’s time for you to finally quit smoking. If you use a smoking cessation program to help you quit, you may be able to deduct the cost. There are many programs that qualify, including patches. Weight loss AND smoking cessation. The IRS is really trying to motivate you!
7. A Guard Dog
Does your dog protect your business and inventory? If you have a dog that legitimately protects your business from theft, you can likely deduct expenses related to the care and upkeep of the dog.
8. Unpaid personal loan
Did you loan a friend or family member a sum of money and realize now that are not going to see it again? Well, this is another strange but possible deduction. If you invoiced another person or business for an item but never got paid for it, you may be able to deduct this as well.
9. Child Care Expenses While You Volunteer
If you are volunteering with a non-profit and pay someone to keep your children while you are away from them, you can deduct this expense – even though this money did not go directly to the charity.
If you work out of your home and have regular meetings with your clients in your home, you may be able to deduct landscaping and lawn care costs.
Of course, there are many more common deductions that are also easy to miss. Consider calling a tax firm if you would like to make the most of your tax deductions each year. Success Tax Relief has helped thousands of taxpayers just like you save the most on their annual tax bill. Contact us today and see what deductions may apply to you!