New Yorkers Are Giving The IRS More Money Not Using These 10 Write Offs

We found at least 10 tax write offs and breaks that New York residents can use to save money with the IRS. Here's the legal ones we have found:

First Off, What Is A Tax Break/Write Off?

Other than Schitt's Creek, what exactly is a write off?

Tax write-offs, also known as tax deductions or tax breaks, are expenses that taxpayers can subtract from their gross income to reduce the amount of taxable income they have. These deductions ultimately lower the total amount of taxes owed to the government. Tax write-offs can vary depending on the tax laws of the country or region you live in, but common examples include:

- Business Expenses: These are costs incurred in the course of running a business. They can include office supplies, travel expenses, advertising costs, and more.

- Homeownership Expenses: Homeowners can often deduct mortgage interest, property taxes, and certain home improvements.

- Education Expenses: Certain education-related expenses, such as tuition fees, student loan interest, and education supplies, may be deductible.

- Medical Expenses: Some medical expenses that exceed a certain percentage of your income may be deductible.

- Charitable Contributions: Donations made to qualified charitable organizations are often tax-deductible.

- Retirement Contributions: Contributions to retirement accounts like 401(k)s and IRAs are often tax-deductible.

- State and Local Taxes: Depending on where you live, you may be able to deduct state and local income taxes, as well as property taxes.

- Health Savings Account (HSA) Contributions: Contributions to HSAs are typically tax-deductible.

It's important to note that tax deductions are available to both individuals and businesses, although the specific deductions available to each may differ. You should always consult a tax expert on any of these, or the ones listed below. EFile also has a fun list of worldwide deductions.

Here’s a look at 10 of the most unusual tax deductions the IRS has allowed according to AARP: