5 Forgettable But Deductible Things
Some people think it's unfair or even cheap to thoroughly seek out extra things to write off during tax season. But, it's actually your right to get money back for anything you spent money on, in the process of doing your job. Which is precisely why you should deduct the following expenses when doing your taxes. You had no choice but to spend this money.
Medical bills Hey, you need to be in good health to do your job! And sometimes, your health benefits or just your own medical insurance company doesn't cover something. No worries, the government will foot that bill. Any bills that exceed 7.5% of your adjusted gross income can be written off, and this goes as far as dentist bills, prescriptions meds, even prescription eyewear!
Directly related bills Any time you went to FedEx to print out a resume, or business cards, or perhaps you bought your own printer to do those things, keep those receipts. In addition, any time you needed to commute somewhere in order to do something that had to do with work, such as a meet and great or job interview. Keep proof of payment from any time you ride a bus, the metro, or get gas.
Your own living space Do you do any work from home? Maybe a few hours a week, or full time? Well, if you were at an office you wouldn't have to pay the gas, phone, power and water bills, but since it's your home, you do. Also, you're using the space, so that's part of your rent. My friend teaches singing lessons right out of her home, so she writes off over half of her rent and utilities! Any time a student comes in to learn how to sing, that's time her home is used for work. I bet the last person you though received tax breaks was a voice coach?
Gambling losses It can be a bad habit but, you can still be rewarded for it, in a sense. Think about hitting the slot machines as simply another attempt at doing business. You just failed. So hang onto those receipts from that weekend in Las Vegas, or even that lottery ticket that didn't pay out. The government is grateful for your business at their businesses that offer gambling and want to show you their appreciation!
Childcare If you have to leave your kids in order to do your job, and therein pay for a babysitter, that there is a cost of doing business. So, remember to deduct that. Would you look at that: sometimes single parents get cut some slack.
About the Author
Vera Esther writes about topics in healthy lifestyle, relationships and travel. Her articles have appeared in dozens of publications and titles have ranged from "Is your date a relationship addict?" to "Let your computer be your voice coach" (a review of the interactive site http://www.thesingingzone.com/ )
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