People
who are smart about their taxes know that there are all kinds of available
write-offs which they can benefit from. Some of these write-offs sound way too
good to be true; in fact, many even sound like they’d be illegal. Amazingly,
though, there are a select few tax deductions that, while they sound crazy, are
actually totally legitimate!
Unpaid
Loans
Don’t
get too excited. We’re not saying you can write off a loan you weren’t able to
pay. What you CAN do, however, is write off a loan that you gave to someone
else that wasn’t repaid. If the loan classifies as “worthless” or
“uncollectable,” it can be written off!
Questionable
Medical Helpers
Has
something a little...different...helped your health this year? Whether massages
led to reduced anxiety or a hot tub cured your back pain, you may be able to
write off that seemingly odd medical helpmate. Just ask your tax advisor for
clarification so that you don’t write-off yourself into an audit!
Career-Related
Expenses
Just
as you can deduct some odd “health helpers,” you can also deduct some out-there
business expenses. Exotic dancers, for example, have been able to deduct
cosmetic surgery or breast enhancement costs in the past. Before you go
deducting anything too out-there, though, make sure you do check with a tax
professional. You really need to be able to explain any questionable
deductions.
Moving
Expenses
Did
you move somewhere new this year? If so, you may be able to deduct the cost of
your moving truck and even “out-there” costs, like shipping pets, from your
taxes as moving expenses, especially if the move was business related.
Gambling
Gains
Finally,
you may even be able to skip out on gambling-related taxes....if you’re a
foreigner who happened to win in the United States. Unfortunately, citizens do
have to pay taxes on their gambling gains.
The
message here is that all kinds of deductions are possible and available. And
while we’re not advising you to try deducting anything too crazy, you
definitely should get with a tax advisor to see which deductions you might be
missing out on. #TaxDeductions
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