Tax time is rapidly approaching, and a common question is, “What types of things are tax deductible?” Here’s some helpful links for tax season.
First, something funny: Are you a whaling captain recognized by the Alaska Eskimo Whaling Commission charged with the responsibility of maintaining and carrying out sanctioned whaling activities? If so, there’s a deduction for you!
Back to reality…let’s start with the basic rules.
IRS Information on Charitable Contributions
It helps to know all the rules, so here’s the information from the IRS.
Determining the Value of Donated Property:
Form 8283 for Non-Cash Charitable Deductions:
The Most Overlooked Tax Deductions:
- State sales tax
- Student loan interest paid by Mom and Dad
- Moving expenses to take your first job
- Energy-saving home improvements
6 Deductions Even Pros Overlook:
- Educator expenses
- Retirement savings contribution credit
- Home loan points
- Student loan interest deduction
- Tuition and fees deduction
- Charitable and medical travel
Weird things that people have tried to write off on taxes:
- Adding a dog as a dependent
- Being a sperm donor
- Consulting fee to an arsonist hired to burn down a business
- Cost of TV and cable for a Spanish teacher to watch Spanish programming
- Ostrich depreciation
- Dog food as a home security expense