Surprising tax deductions - April 17th is literally right around the corner and so it’s not unusual for many people to scramble in these last few days to figure out what other tax deductions they might be eligible for.
The truth is that the IRS is somewhat generous in what they allow people to claim as tax deductions. Eco-improvements to your lifestyle, new equipment for your business, charity travel, entertainment… of course there’s fine print associated with many of these but I think it’s still worth it for most people to take some time and figure out if they’re eligible for any of the more business/lifestyle deductions.
Surprising Tax Deductions
And then there are the more unusual tax deductions to consider. The list below consists of deductions other people have been able to get away with over the years but don’t necessarily apply to everyone. Essentially these are deductions people were able to justify as business or health-related on their tax return:
Cat Food – Purchased by a junkyard owner who wanted to attract cats and to keep mouse levels low.
Swimming Pool – If you need to go swimming on the daily for a medical condition, then you might actually be able to write off your pool.
Quitting Smoking – Some people are able to write off their smoking cessation products/programs as medical expenses. Yet another reason to give cigarettes up!
Working Out – If your doctor tells you that your life is in danger unless you get in shape, you might be able to write off your gym membership!
Sex Change Operation – There have been cases where gender-reassignment surgery costs were covered by people who suffered from gender-identity disorder. In one such case a man who underwent numerous surgeries was able to write off $22,000 on his tax return.
Breast Implants – Some exotic dancers have been allowed to deduct the cost of breast implants as they were considered ‘business expenses’.
I know that this list kind of seems silly, but at the end of the day most of us have unusual parts of our lives that are costly, necessary and affect our income in one way or another. If you feel that you have some odd expenses in your life that are business or health related then I personally think it’s worth talking to an accountant about! You never know how much money you end up saving!
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