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Craziest Tax Deductions That Worked may entertain you.
This federal tax deductions list is only something to start your mind working on remembering and considering the expenses that you can use that are tax-deductible. It is really beyond the scope of a single hub to give you the sum of all possible tax-deductible expenses. However reading this list either at the beginning or throughout the year will keep you sensitive to the many things that you can spend money on and have Uncle Sam foot the part of the bill.
The first deduction is one that is close to my heart and definitely my checkbook, that is accounting fees for tax preparation services and heaven for bid if you are audited by the IRS or any state tax authorities.
Communication devices such as cell phones can also be deductible if they are used for business purposes. Though you should have a way to filter out personal phone calls which are not deductible.
I have another hub related to medical tax deductions and they are I neglected to mention that alcoholism and drug abuse treatment is also tax-deductible. It is worth your time to visit my other hub to understand the limitations and when it can and cannot help your bottom line.
Unfortunately there quite a few people now that are unemployed and it is important that they realize that the costs involved when looking for a new job if it is in your same field are tax-deductible. This could be the fees associated with printing and preparing your resume and utilizing outplacement agencies.
If you have gambling winnings then any gambling losses to the extent of your gains are tax-deductible. Though once again I have to warn you that the deduction will only be helpful if you itemize and I’m not using your standard deductions.
The really big picture that you should consider is that if there is something which helped you earn income it is probably deductible. The one exception to this would be transportation to and from your place of work. To me this seems to be one of the inequities in our tax system. Once on the subject of inequities in the tax system I have to mention the most difficult one for me to understand is the taxation of Social Security benefits. Social Security is withheld from wages and us taxed when earned. If anyone has an idea why it needs to be taxed the second time when we receive back the benefits I would love to hear it in the comments below.
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