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?
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:
- State sales tax
- Student loan interest paid by Mom and Dad
- Moving expenses to take your first job
- Energy-saving home improvements
- Educator expenses
- Retirement savings contribution credit
- Home loan points
- Student loan interest deduction
- Tuition and fees deduction
- Charitable and medical travel
- 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:
- Save Some Green for 2013: Texas Tax Rebates and Incentives
- It’s Tax Time! As W-2s Roll In, Protect Your Personal Information
- 8 Uses for Your Tax Refund