Let’s face it: we are all love tax deductions. Getting a tax refund is a fascinating thing, and as Kenneth Taylor, a Oklahoma taxpayer representative at Kenneth Taylor Accounting Services puts it, a dollar saved in tax is more than a dollar earned. If you have your reservations about this, wait until you save up to USD 10 000 and more then you will understand what we mean here.
No one looks forward to higher taxes. Even those who pay up to 50 percent and above on income tax do not do so out of benevolence. It is a lack of information or ignorance about how to reduce one’s income tax or take advantage of the huge deductions available.
The IRS knows about the pinch you feel when you pay taxes, and as such they have provided for a lot of deductions some of which you’ll be shocked to learn about shortly. If only you could find a tax professional to help you with the information. Perhaps that simple act of finding a tax professional to assist would be the noble step to returning money into your pocket.
Well, the deductions…let’s have a look.
Pet moving during job relocation
Have you ever benefitted from a deduction of expenses you incurred in the course of your relocation to a new job locality? I bet you have, or at least know you can. A good number of people are keen about this popular deduction. But what you perhaps don’t know is that bringing along your dog or favorite cat is an expense that the Internal Revenue Service is considerate for. Simply put, you are allowed to include the cost of moving your pet during your job relocation as part of this write off.
Clarinet and music lessons for children
Not all children, that’s the drill. If your child has an overbite though, you are advised to enroll them for clarinet lessons. The cost of these lessons are a deductible expense according to a legal provision of 1962. Orthodontists argued that clarinet helps a child with an overbite and from that argument, the law recognized the cost of such an enrolment to be a possible form of medical expense.
Swimming pool for particular medical conditions
There are unique cases where a medical condition may require a swimming regimen. Your swimming pool will likely qualify as a tax deduction in such cases. Beware: it won’t be wise to rush into making this kind of deduction without a legal advice, lest you deduct more or less, or deduct where you don’t qualify. So, find a tax professional and stay safe.
A lot of businesses use an animal for security. In this case, we are referring to the guard dog. It has to eat and get medical attention. If the dog is protecting your small business, the expenses you incur in its care qualify to be deducted in part. The application of this rule may vary from state to state. Your local tax preparers will help you out with that detail.
Cost of smoking cessation program or aide
If only quitting smoking would be as simple as dropping a call of nature. Well, the IRS wants you to quit smoking, because if you do, they give you an incentive in the form of a tax deduction. Anyone who quits smoking can now deduct the cost of their smoking cessation programs, aides or patches.
Childcare for charity workers
The IRS is considerate about how childcare can hold you back from providing your services to a not-for-profit establishment. If you hire someone to look after your baby while you offer charitable services then you can deduct the fee paid to the babysitter.
Legal defense fees
It may sound absurd that the federal tax bureau IRS is sympathetic to criminals. But the fact is that even criminals are required to pay taxes, regardless of how illegal their incomes are acquired. So, in the event that they are caught, the expenses paid for their legal defense can be included as a deduction.
Surprised? You might be. We observe that too many clients fall on the wrong side of the law for making deductions that are not legit. You can easily avoid any form of trouble with state tax authorities or the IRS when you find a tax preparer to help you sift out the expenses that qualify as deductions. Going about the tax preparation on your own without sufficient knowledge of the tax law may only increase your risk of paying more tax or committing a tax offense. Click the link below to reach out to us directly!
