Tax season is here yet again, and, if you’re like most
people, you’re eager to take advantage of any deductions or credits you can.
And, while most people know about the basic deductions, it might surprise you
to learn that there are some rather “off the wall” deductions out there, some
of which can save you big money.
Of course, you have to know about these deductions in order
to benefit from them, so read on to learn about some strange but worthwhile
deductions and to see if they apply to you.
Cruisin’
A luxurious cruise might seem like the last thing you can
write off, but believe it or not, in some cases, you can!
If the cruise is business-related in some way, you can
typically write off a large chunk of it. This is true if you’re traveling to a
business function via cruise or if the function takes place on the ship itself.
As with most deductions, there are eligibility requirements
and deduction limits, but if you’ve taken a business-related cruise this year,
talk with your tax adviser about how much you can write off!
Gambling Costs
You probably already know, especially if you’re a gambling
man (or woman), that the IRS requires you to report any and all gambling
winnings. While that’s not necessarily good news, keep in mind that the reverse
is also true.
You can deduct gambling losses on your tax forms under the
“other miscellaneous deductions” line. Thus, if you have a bad poker game or
don’t get lucky at the slots, you don’t have to panic.
Just make sure you can prove your claims just in case the
IRS asks you to verify the losses you’ve deducted.
Honoring the History of Your Home
Have you ever seen those houses, often located in known
historic districts, that are as much tourist attractions as they are homes? You
know, the type that look like a literal “blast from the past.”Well, there’s a
good reason that most of these homeowners don’t mind the gawkers and that they
leave their homes untouched.
Many owners of historic homes or other spaces enjoy nice tax
deductions for partnering with a historic preservation group and either leaving
their homes the same or performing only recommended upkeep and remodeling.
If you own property in a historic district, call local
preservation societies, if you haven’t already, to see if they’d be interested
in helping you preserve your home...and your money in the process.
Helping Your Furry Friends
If you’ve ever considered fostering pets in your home,
you’ll be glad to know that fostering animals can result in a nice tax
deduction for any costs incurred in the process.
To make sure everything goes smoothly, work only in
conjunction with legitimate nonprofit animal rescue organizations and, as
always, keep receipts and other proof of any money spent.
As you can see, there are all kinds of deductions you can
take; don’t be afraid to branch out and try some of these if they apply to you.
Just seek guidance from a tax professional whenever you try out a new deduction
to ensure you do everything correctly.
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