5 Unexpected Tax Deductions
5 Unexpected Tax Deductions
After all, it’s better to get your taxes in ahead of time rather than be rushed as we get closer to April 15th. As you’re preparing your tax forms, be sure to file your deductions carefully. Even small deductions can add up to a big tax return later.
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Here are a few tax deductions that have worked for others in the past but probably won’t help you save any money this year.
Whaling Captains
Whaling Captains in Alaska spend a lot of money maintaining their ships. They spend so much, in fact, that they are allowed up to $10,000 in tax deductions for boat repairs or other whaling expenses. Those kinds of savings are almost enough to make you want to pack up and start hunting whales for a living.
Songwriters
One of a musician’s greatest assets is his or her song catalog, and the IRS knows this. When a musician decided to sell the rights to his or her music, it can be considered a capital asset. That means they can just pay the capital-gains tax instead of the normal income tax rate. That means they could be paying even less than 15% instead of the normal 35% rate. Those tricky musicians, always making music and saving money.
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Junkyard Owners
One of the main concerns of a junkyard owner is to keep vermin out of their valuable, well, junk. So in order to keep rats, snakes and other undesirable creatures away, many of them turn to keeping cats. And in order to feed those cats, they have to purchase cat food – which the IRS recognizes as a legitimate deduction for junkyard owners.
Parents of Kidnapped Children
Did you know that parents of kidnapped children can claim their absent children as dependents until their 18th birthday? The law used to only permit parents to claim their children as dependents until the day they disappeared. While the gesture probably won’t be very consoling to the family, at least they can save a little money while they search for their child.
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Bodybuilders
Have you ever seen a bodybuilding competition where overly muscled athletes pose on stage covered in glistening body oil? Well that oil turns out to be a good investment, because the IRS considers it a deductable work expense. So far there’s no word if they get to write off their steroids and speedos, too.
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