Outlandish Tax Deductions You’ve Never Heard of But May Be Eligible For

Tax deductions aren’t just for the super-rich. Many deductions help middle and lower income individuals. Some of those deductions are common, like deducting auto expenses for business travel, and some are less commonly known, such as deducting the storage unit fees for your move. Then there are some downright, unusual deductions that are surprisingly acceptable (within the right circumstances) such as,

  • Moving expenses (for your pet!)
  • Swimming pool (for medical needs)
  • Deadbeat friends (that don’t pay you back)
  • Organ donation transportation
  • Fancy Dresses (“Red-Carpet Worthy” and only if worn for business)
  • Deep sea fishing (your business trip venue and entertainment)
  • Weight Loss Surgery (for health reasons of course!)

Unusual-Tax-Deductions

As with anything that sounds too good to be true, don’t try this at home folks, unless supervised by a professional of course. Some folks learned the hard way when their seemingly-valid tax deduction was rejected, such as these interesting attempts below that were rejected:

  • Carpet removal – replaced with hardwood floors by an allergy-prone taxpayer.
  • Racehorse – Don’t try to deduct your racehorse as a business expense for a client who enjoys watching horse racing.
  • Salad – the cost of lettuce & tomato was not allowed as a medical expense for a person with diabetes, on a restricted diet.
  • Air-conditioned hotel room – a one-night stay in a hotel was not allowed as a medical expense for an asthmatic taxpayer with a broken air conditioner.
  • Your dog as a “Dependent” – to most pet owners who consider their pet as part of the family, this doesn’t seem fair. Unfortunately, that opinion isn’t unanimous. Maybe one day…

This infographic of 20 Unusual Tax Deductions you’ve probably never heard but may be eligible for, may leave you with a little more cash this year!

TitleMax® is one of the largest alternative lending companies in the nation, spanning 16 states coast to coast. In addition to knowledgeable and understanding customer service reps, TitleMax® offers title loans and title pawns with a quick and simple application process despite your credit history. And, you keep driving your car throughout the loan or pawn. Next time you need cash, visit the friendly faces at your neighborhood TitleMax®. We’re here to help.

http://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/10-Strange-But-Legitimate-Federal-Tax-Deductions/INF14190.html
http://www.usnews.com/news/slideshows/10-bizarre-tax-deductions
http://www.thefiscaltimes.com/Media/Slideshow/2013/01/25/10-Wacky-Tax-Laws.aspx
http://www.kiplinger.com/article/taxes/T054-C000-S001-extraordinary-tax-deductions.html
http://mentalfloss.com/article/26974/quick-10-10-weird-tax-deductions-other-people-got-away-you-probably-wont
http://www.allbusiness.com/legal/tax-law-tax-deductions/15480365-1.html

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1 Title-Secured Loans, Secured LOCs and Title Pawns: Maximum pledge amount in Mississippi is $2,500. Maximum loan amount in Tennessee is $6,500, assuming customer qualifies for and accepts both the pledge max of $2,500 and Secured LOC max of $4,000. Refinancing is not available for Mississippi or Tennessee Pledge products. Minimum loan amount for title-secured loans in South Carolina is $601.

Must be at least 18 years of age (19 in Alabama). Account approval requires satisfaction of all eligibility requirements, including a credit inquiry and motor vehicle appraisal. Must present valid government issued ID. Certain other eligibility requirements and terms & conditions apply. Loan/LOC/Pawn amounts vary by states and product. LOC customers are subject to a periodic collateral review to maintain credit limit. Proof of income documentation and ability to repay analysis is required in Missouri, Nevada, some Texas locations, and Utah.

2 Personal Unsecured Loans/LOCs: Unsecured loan amounts and products not available in all stores/states. Max loan amount for first time borrowers is $1,000 ($500 for an in-store personal loan in AZ). Returning customers with a good payment history may qualify for higher loan amounts, currently up to $2,500. Loans above $1,000 ($500 for an in-store personal loan in AZ) require two consecutive pay stubs showing direct deposit. In-Store: Account approval requires satisfaction of all eligibility requirements, including a credit inquiry. Bring in proof of income (dated within the last 30 days), active bank account details (dated within the last 45 days), proof of residency, a voided check, and a valid government-issued ID to apply. In AZ, a valid AZ motor vehicle registration in your name is also required. Min $601 in SC. Without SSN or ITIN, max loan amount is $300. Online: If you do not have an SSN or ITIN, please visit us in store to apply. Additional items required for eligibility, including: a valid and active email address and telephone number, a valid SSN, and proof of residency for the state in which you are applying (currently AZ, DE, KS, MO, MS, SC, TN, TX, UT or WI). Min $610 in SC. Certain other terms and conditions may apply.

– California, Illinois and Virginia Residents: TitleMax® no longer originates new loans in CA, IL or VA, but continues to service existing loans.

– Please see our California Resident Notice at Collection and Privacy Policy: Submit a Verified Consumer Request to understand what information we collect, disclose, or sell, to request that we delete your information, and/or opt out of selling by clicking Do Not Sell My Personal Information.

– In Georgia, TitleMax offers Title Pawns.

– New Mexico Consumers: please see important New Mexico Consumer Information and Disclosures.

– In Nevada, title loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any title loan transaction. Ability to repay analysis with income documentation required.

– In Tennessee, TitleMax offers title pledges, and secured and unsecured Lines of Credit (“LOC”). Only one LOC account allowed per customer, inclusive of other lenders. LOC customers are subject to a periodic income (and collateral, if applicable) review/validation.

– TitleMax of Texas, Inc. and TitleMax Online of Texas, Inc., d/b/a TitleMax acts as Credit Services Organizations to assist customers in obtaining a loan through an unaffiliated third-party lender. Please see store associate for details. Please see Texas Schedule of All Fees. TitleMax does not offer pawn loans or pawn transactions in Texas.

– TitleMax®, TitleBucks®, and InstaLoan®, are not considered competitors. Please see a store associate for details.

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