Wednesday, January 20, 2016

Is That Really Tax Deductible?

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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