Saturday, January 9, 2016

8 Surprising Tax Deductions in 2015

It’s that time of the year again. Before you know it, April will be here and your taxes will be due (or, you might be anxiously awaiting a refund).

When you file your taxes, you want to claim every deduction you can get. That will minimize your tax bill or maximize your refund. To that end, you want to know about all the deductions that can possibly affect you.

Here are 8 surprising tax deductions in 2015.

1. Weight Loss Programs

If you made 2015 the year that you finally followed through on that New Year’s resolution to trim some pounds, then you could claim additional deductions.

There’s a caveat, however. You must be losing weight as part of a treatment for a specific disease diagnosed by a doctor.

The good news is that “obesity” is a disease. So, if a doctor told you that you’re overweight, you should qualify.

2. Programs to Quit Smoking

Perhaps, instead of losing weight, 2015 was the year that you followed through on the New Year’s resolution to quit smoking. That’s considered a deductible medical expense.

However, only prescription aids can be deducted; over the counter items like patches and nicotine gum aren’t deductible.

3. Uniforms

If you’re required to wear a uniform to work and you’re also required to keep it clean and presentable, then the costs associated with your uniform upkeep are deductible.

4. Whale Hunting Expenses

If you’re as obsessed as Captain Ahab when it comes to searching for tax exemptions and deductions, you’ll be happy to know that your expenses for whaling are deductible.

Once again, though, there are some caveats. The Alaska Eskimo Whaling Commission must recognize you as a captain and you can’t deduct more than $10,000 per year.

5. Clarinet Lessons

If you have an overbite and you’ve been taking clarinet lessons, then you might be surprised to learn that those lessons are deductible if they’re used to treat your dental condition. Also, the lessons have to be prescribed by a doctor.

6. Wigs

Some people think that wigs are little more than costume props. However, you can deduct the cost of wigs under certain conditions.

Once again, you’ll need a doctor’s note to back you up. If a physician told you to buy wigs to help you out with your mental health after hair loss, then you qualify for a deduction.

7. Pet Moving

You might have already funded your personal moving expenses into your tax refund estimator. However, did you know that you can also deduct moving expenses for your pet?

The caveat here is that the move must be related to your employment. So, if you were essentially required to move by your job or to land a new job, and there were additional expenses associated with moving your pet, those expenses are deductible.

8. Pregnancy Tests

The cost of a pregnancy test is considered a deductible medical expense. However, your overall medical expenses (including the pregnancy test) must exceed 10 percent of your adjusted gross income (AGI) in order to be deducted.

Also, abortion, sterilization, and birth control pills are treated the same way.

Take advantage of every tax deduction you can find, no matter how crazy it sounds. There’s no point in sending the federal government more money than it’s asking for.

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