Tax time is here again, and for most people, that means deductions ? and hopefully lots of them. So if you are thinking about those taxes, take a look at these five tax deductions, you just might have overlooked.a
Babysitting Expenses. Many people are aware that they can deduct babysitting expenses that are needed when they are working, but what about if you are a stay at home mom who likes to help out at an elderly home? According to the Child and Dependent Care Credit, you can also deduct the expenses of hiring a sitter not just when you work, but also, when you volunteer.
Plugging-In That New Electric Ride. While this credit currently only applies to businesses, if you use your car for a personal business, it can still be claimed. So just how much can you claim? As of this writing, up to $7,500 per vehicle can be deducted. So considering new electric ride? With a deduction like this, it just might make sense.
Work- Related Physical Enhancements. What is a work-related physical enhancement? Presumably anything that you claim you need to improve about your appearance that will also improve your career. While few know about this deduction, bodybuilders have used it for years to deduct body oils, skin treatments (such as tanning), and personal grooming (such as manicures). However, let?s say you give presentations, sell real estate, or make teaching webinars, any physical enhancements that you can argue will help you find greater success in your profession can be claimed.
Rescuing Pets. Most people don?t need an extra reason to take home a furry bundle of joy, but did you also know that the expenses associated with adopting a foster pet can be tax deductible? That?s right, all the mileage, vet bills, cages, food, leash, play pen, litter box, and even cleaning supplies associated with your new friend can be tax deductible. Not ready to adopt a pet? That?s okay too. If you volunteer or work for a shelter, your mileage and expenses associated with that work can also be deducted.
Alternative Medicine. You probably already know that if you need medical treatment, surgery, or prescription medication this can be deductible, but you probably didn?t know that say, acupuncture, massage, or even homeopathic medicine can also be deductible. And with more people turning to alternative medicine ? the most recent number suggests one in five people now consistently use some form of alternative medicine ? you can expect to see more tax deductions used for exactly that. But here?s another way that this little loophole might also help you deduct some home improvement expenses. Let?s say that you need a pool because swimming has been recommended to you by a medical professional, or that that hot tub you?ve been wanting can be built primarily for therapeutic purposes. As long as the purpose of the home improvement is therapeutic in nature ? and intended to be used primarily for that purpose ? it can be claimed.