Tax Deductions: I Can Get a Deduction For That?

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.

Contributions:

http://www.irs.gov/taxtopics/tc506.html

Charitable Contributions:

http://www.irs.gov/publications/p526/index.html

Determining the Value of Donated Property:

http://www.irs.gov/publications/p561/index.html

Form 8283 for Non-Cash Charitable Deductions:

http://www.irs.gov/pub/irs-pdf/f8283.pdf

Overlooked 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

Recommended by the Editors:

Tax Deductions: I Can Get a Deduction For That? 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?… http://blog.allstate.com/wp-content/themes/allstateblog/assets/web/media/images/logo-header.png Allstate Tax Deductions: I Can Get a Deduction For That?