Tax deductions reduce the amount of tax you owe to the government. So, if indeed, you make the right claims, you get the right money. But that’s the part that gets people: making the right claims.
According to H&R Block, 4 million people don’t claim the tax deductions for which they are eligible. And many of us are eligible for quite a lot. In fact, here is a list of 7 items you never thought would be tax deductible.
If you move to start a new job, your moving expenses are eligible for a tax deduction. And when the government says possessions, they mean everything: cats, dogs, iguanas, turtles, Betta fish. Whether it barks or blubs, all pets are eligible for a tax deduction, if you spend money moving them.
Crazy, but yes—when a cat, or any other animal, helps with the upkeep of a business, that cat’s food is tax deductible. For instance, you may attract local stray cats to fend off rodents.
While building a swimming pool for recreation or leisure is not tax deductible, building one for medical purposes is. For instance, sometimes doctors prescribe swimming to arthritis patients to alleviate their pain. Though the IRS will investigate cases like this, with a doctor’s word, you’re good to swim tax free.
Need some extra incentive to quit smoking? Well, maybe this will help. If you use nicotine patches, smoking cessation programs, or any other aide, you may qualify for a tax deduction. Because smoking endangers lives, any effort to lessen the intake of cigarettes or vape pens puts you in favor with the IRS.
Just as the pursuit of a smoke-free life can get you a tax deduction, so can the pursuit of a healthier lifestyle. But don’t get me wrong. If you’re already in shape, don’t expect a tax deduction. But if your doctor tells you your life may be endangered if you don’t exercise and lose weight, then your gym membership, treadmill, and shakeweight are eligible.
If your office is inside your home, and if your lawn is somehow associated with your business, then your lawn care is eligible for a tax deduction.
Business trips minus the extravagance equals tax deductions. If the IRS considers your business trip “ordinary and necessary,” in other words, free from lavish living and Disney resorts, then your business trip expenses are tax deductible. You can, however, be creative with this. In one case, a dairy farmer successfully deducted his trip to Africa, for the trip consisted of “wild animal research” that was somehow directly related to his business.
As you can see from these 7 examples, plenty of strange tax water softeners reviews deductions exist. If the expense is directly related to your health, of your business, it may be tax deductible. If you have any questions, consult a tax professional. But don’t let that money sit. Question your expenses, and you may find more tax deductions than you imagined.