Tax Write-Offs You Didn’t Know About

March 31, 2012 by  Filed under: Taxes 

Filing your taxes is normally put off till the last moment possible. People don’t like filing their taxes most of the time because they might have to owe the government money. There are a lot of people who do get money back after filing their taxes, but some could get a lot more. Knowing what you can and cannot deduct when filing for your taxes will help you get the most money back in return. Here are some deductions you may not have known about that could save you some money.

A lot of people find there are times that they need to take care of their parents not only physically but financially. The financial side of caring for dependent parents can actually be a big write-off. For people who support their parents for more than 50 percent of their finances you are allowed to file that on your taxes. Of course, in most cases, the amount of the dependent’s expenses has to be at least 7.5 percent of your income in order for you to get anything back.

If you are or have been looking for a job, you can write-off any expenses you may have towards finding a job. This may mean cab rides to and from interviews, or gas money for the trip, new clothes, even meals if the company didn’t pay for your lunch or dinner. Also, if you do get a job and it is further than 50 miles from your previous job causing you to move, you can deduct any moving expenses off your taxes too.

Perhaps you travel for your job, even if it isn’t the case for every trip you take, you can still write-off some of your trips as a business expense. If you meet a client for dinner, it is possible to deduct the trip in its entirety as business. For people who write travel reviews, even if you only have one of your reviews that are sold then you may be able to put down the cost of your trip towards your job or business.

People who get bariatric surgery done may be able to claim that on their taxes as a deduction. The IRS recognizes that obesity is a serious health problem and risk, so by having a surgery to help you lose weight keeping you’re from being obese is an acceptable tax right off. Other strange deductions that have been approved included a women’s breast augmentation as a business expense since she was a late night entertainer.

For those who do have a job but want a little more education, it is possible to deduct job related education costs. Of course, there are rules to this (as with any other deduction). You can write this expense off if the education is required by your employer or by law in order for you to maintain your current job or salary. Also, you can write-off the costs if the education will maintain or improve skills that are related or needed in your current job.

There are many different tax deductions that people either miss or don’t know about. You can find out more by doing your research or going to a certified public accountant, CPA, or a trusted financial adviser to get your taxes done. Some things like insurance premiums and even loan rates or premiums may also qualify as a write-off. So, if you have a personal loan, car loan, home loan, or any type of insurance like health or life, you may be able to get an extra tax deduction.

Robin Wood
Personal Loans
Get Out of Debt

Article Source:
http://EzineArticles.com/?expert=Robin_L_Wood

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