5 Odd Deductions You Could Claim On Your Tax Return
Posted by: Brookside Admin
Claiming deductions on your tax return can add up to big savings or a much larger refund. But, knowing what is and isn't an acceptable deduction is a challenge. At Brown Kinion and Company, we use our expertise to find you valuable deductions and get you the tax refund you deserve. While some deductions are fairly obvious, there are many that you may never even think to look into. At Yahoo Finance, Marine Cole put together a fun list of odd deductions that you could qualify for this tax season. Here are our favorites.
- Gambling Losses
If you gamble, even play bingo, you probably are well aware that your winnings are taxable. When you itemize your deductions, you can actually deduct your losses as a "miscellaneous deduction". Your losses, however, can't exceed the amount of gambling income claimed on your tax return.
- Pregnancy Tests
Preparing for and having a child is expensive, which means if you had a child in the last year, your medical expenses may well have exceeded 10-percent of your gross income. When that's the case, you can expenses like pregnancy tests as a deduction. This goes for related expenses like birth control medication as well, as long as it has been prescribed by a doctor.
- Moving Your Pet
If your job requires you to move across the country, you can deduct your moving expenses from your tax return. If that move also requires you to ship your pet separately, which can be a fairly expensive move, that cost also qualifies as a deduction. Remember that these deductions are only valid if your move is job related.
- Uniform Upkeep
Does your job require you to wear a uniform? If so, the cost of cleaning and repairing that uniform can be a deduction. This goes for anyone who is unable to wear everyday clothes to work. Firefighters, healthcare workers, and even athletes could qualify if they're in charge of their own uniforms. Musicians, actors and others in the entertainment industry can also qualify for this deduction if they regularly spend money on costumes and other clothing and accessories specific to their job.
- Health Related Programs
Did you quit smoking last year or lose weight? The expenses tied to your efforts could be another deduction. There's a rather large catch, however. Non-prescribed treatments won't qualify. That means expenses for nicotine gum or patches likely won't get you more money back on your taxes. Likewise, if your weight loss wasn't tied to a disease diagnosed by your doctor, for example obesity, hypertension or heart disease, weight loss costs also won't qualify.
These are a few of the more extreme examples of actual deductions that many qualify for, but fail to file for. Call Brown Kinion and Company for help with your tax return this year and ensure you claim all of the deductions available to you.