You may think you know all of the deductions you can claim on your taxes. After all, you've done this a few times and you have a pretty good handle on it. What you may not know is that there are several little-known deductions you can claim that could make your tax season a little brighter.
If you are looking for a job in the same field you are currently in, then you can claim job search expenses on your tax returns. Qualified expenses could include parking fees at an interview, cost of printing a resume and even the recruiter you hire to help find you a job.
Whether you've been smoking for a month or 40 years, deciding to quit is favorable in the eyes of the IRS. Whatever method you choose, be it patches, programs or any other quit-smoking method, you may be able to deduct these expenses.
If gambling is your thing and you're not very good at it, then there's good news. You can claim the losses from legal gambling as a loss of income on your tax returns. The only catch is that if you win some of those losses back later, then you won't be able to get back more than those winnings. If you lose big, it may be a good idea to cut your losses and get out.
If you are updating your home because of medical necessity, then you can deduct those expenses on your taxes. Approved renovations include adding a wheelchair ramp, installing an air cleaning system for someone with asthma, adding a bathroom to a lower floor for someone with arthritis, widening a door to accommodate a wheelchair, installing support bars in a bathroom and modifying stairs.
If your boss requires that you wear a certain uniform to work, be it a certain color of scrubs, protective wear or another type of uniform, then you can deduct the expense of purchasing them. The catch is that it has to be something you wouldn't wear on a normal day outside of work.
Business owners have mountains of small expenses that can't be planned for. One of those expenses is taking care of your guard dog. Whether you run a scrap yard, a towing company or any other business that would benefit from a guard dog, you can deduct the expense of taking care of said dog the same way you would deduct the expense of hiring security guards.
Aside from the guard dog, small-business owners come across expenses every day that can be deducted. The office supplies you purchase on a regular basis, be it sticky notes, pens, paper or printer ink, are deductible. Office furniture, travel expenses and insurance premiums are also tax deductible. The list of deductible expenses is endless, so be sure to discuss this fully with your tax accountant.
You are likely aware that you can deduct charitable donations from your tax returns, but what you may not know is that out-of-pocket expenses qualify as well. These can include doughnuts you purchase or ingredients you buy to bake cookies for a fundraiser. Also, you can include the cost of items donated to charities and tithing donated to your church.
Just be sure to keep thorough records and remember that the organizations you're donating to have to be legitimate ones. Unfortunately the money donated directly to fire victims or the homeless doesn't count.
When you understand all of the deductibles you can claim, tax season doesn't have to be something you dread. Contact us at
Williams & Associates Tax Services for all of your tax needs.
