Shebudgets
The deadline to file your tax returns is approaching faster than many would hope, so it is best to gather your documents and determine if you are receiving money back from the government or are paying Uncle Sam. One of the key elements to filing your return is figuring out what you can write off in the last fiscal year. While typical write offs might be something like a phone bill, or donations to charity, there are many strange tax breaks that exist in the United States tax code that most taxpayers are unaware of. The following lists seven of the strangest tax breaks we could find for 2015.
Bingo
Incredibly, Bingo can be deducted as a tax break from your bill. Bingo-playing taxpayers are able to deduct losses in a given fiscal year, up to the amount that has been gained. To take advantage of this deduction, you must have a detailed list of wins and losses. The IRS allows taxpayers to deduct losses for many other types of wagering as long as a diary is maintained outlining the type of wager, where it was place, who was present and the amount won or lost.
Clarinet Lessons
Surprisingly, a clarinet can yield financial and dental benefits to those who practice the instrument. A clarinet and associated lessons are considered tax deductible when a doctor recommends playing the instrument in an effort to correct an overbite. According to IRS publication 502, this is not the only strange medical deduction. We’ve listed one below. Unfortunately ear plugs for those parents of the young musicians are not tax deductible.
Pet Moving
Most tax payers are aware that you can deduct moving expenses on the itemized list. However, did you know that part of the moving expenses deduction includes shipping your pet? Whiskers and Fido can each be deducted as a sum from your taxes should you choose to move your pets across the country as they are considered personal effects. Make sure to give your pets an extra treat for saving you a few bucks on your taxes.
Uniforms
In order to be considered a tax break, work clothing must meet two conditions: it is required to be worn as a condition of employment and must not substitute daily clothing. Such garments include firefighters, healthcare workers, delivery workers, transportation workers, police, letter carriers and professional athletes. Note, most uniforms for professional athletes are paid for by the team owners and sponsors.
Weight Loss Programs
Those who enrolled in weight-loss programs last year have the ability to deduct the amount of money paid in fees. However, not all taxpayers qualify for this tax break. In order to be eligible, you must have enrolled in the weight loss program to treat a specific condition that has been diagnosed by doctors. Other expenses such as the cost of swim lessons, dance lessons and fitness clubs are not tax deductible, even when recommended by a doctor or other type of healthcare professional.
Wigs
Is your widening bald spot becoming uncomfortably noticeable? Luckily, it could lead to tax breaks on your return. The IRS allows patients who are experiencing hair loss as a result of a disease to write off the total cost of a wig (labor and materials) if recommended by a doctor. The reason for hair loss (due to age, sickness, etc.) does not matter as long as it is recommended by a doctor. Unfortunately, deductions for hair transplants are much more difficult to maneuver. At this time, the IRS categorizes hair transplants as cosmetic surgery which does not fall within these tax breaks. Taxpayers are only able to write off cosmetic surgery as a result of specific circumstances like injuries.
Business Gifts
The IRS considers business gifts under $25 to be tax deductible for any individual. Also, the IRS allows you to widely distribute gifts under $4 that feature your name. For instance, desk sets, bags and pens are all deductible according to the IRS. This sum can be deducted, even if the total sum is greater than $25.
*Work with your tax professional to determine those items that are deductible and those that are not. Make sure to keep an open mind as even the strangest ideas may be tax deductible according to the IRS.
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