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!)
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.