5 Strange Tax Deductions That Really Work
Looking for creating tax deductions? Look no further!
It’s tax time, and if you are anything like me you are scrounging around for some fancy deductions to offset what you owe. Well, I found a few creative deductions you probably don’t know about.
Babysitting - If you use a babysitter when you volunteer for charity work, you can deduct the cost of the babysitter. I do some charity work – I will be looking into this one.
Swimming Pool - A swimming pool can be deducted as a medical expense. If you have a medical condition where a pool can be used as therapy, you can claim your pool.
Pet Food - Do your pets protect your business? If yes, then you can write of the food. Here’s how this came to be: One junk yard owner found that snakes and rats were negatively impacting his business, so he started putting out cat food to attract cats to scare off snakes and rats. Since the cat food served a purpose and made the business more viable the IRS approved the deduction.
Body Oil - Body Builders, this one’s for you. Body oil used to highlight bodybuilder muscles during competitions, is considered a legitimate business expense! Get your receipts cause you now a deduction!
Gambling losses – If you won big this year, whether on the horses or the lottery – we have a deduction for you. Start saving any losing tickets you have. Again, lottery tickets, horse racing tickets all count. You can provide enough losing tickets to match your winnings.
These tips may not eliminate everything you owe, but every little bit helps!
What is the strangest thing you claimed on your taxes?