With tax time coming up fast, you’re probably putting the finishing touches on your return. But before you file just yet, do a once over to see if there are any deductions you qualify for that you missed-even if the ones you might not have heard of. Glance over this list and see if any of these deductions can help you cut down your gross income. You might just save a few dollars that you didn’t know you could get back!
If you have a dog to guard your business, for example, you might be able to deduct the expenses that come with caring for it. Just make sure to properly document what you spend on it and how much time the animal actually spends on guard duty.
If you have to don clothing for work that is required for employment and is not suitable for wear outside of work, you can deduct it. This means delivery workers, firefighters, and health care workers can take advantage of this deduction, as well as anyone who has to wear protective clothing as a prerequisite to their employment.
The IRS allows trips that are deemed “ordinary and necessary” to the course of doing business to be deducted. It’s very dependent on the individual circumstances of your trip, but as long as you keep receipts and documentation and carefully follow the rules it can be done.
Gambling winnings are taxed just like any other kind of income, so it makes sense that you could deduct your losses. Of course, it only applies if your losses are less than your winnings, you keep a detailed diary of your wins and losses, and only if you itemize your deductions.
Medical expenses are a well-known deduction, and in some rare cases you can write off the cost of your pool as one. It only works if you have a medical expense that would benefit from a swimming exercise regimen, and not if the pool is for recreation, of course!
Most taxpayers know that you can deduct moving expenses associated with a job relocation, but not that they include the cost of shipping your pet. The great thing about this deduction is that, along with moving expenses, it can be taken whether or not you itemize.
As business owners, saving money where you can is a way of life, so it’s worth your time to make sure you’re getting every deduction you’re qualified for. As long as you plan ahead, follow the tax laws, and consult your CPA about what you can do, you should be able to subtract more from your gross income and ultimately cut down your tax bill.
About the Author: Jeff Reinstein is the CEO of Premier Business Centers. He has helped the company grow from 9 locations to over 70 since October 2002.