3 Less Known Tax Deductions

Less Known Tax Deductions

Here at Hacker, we want to make sure you’re fully aware of all that is going on with your money. Whether that be managing your business’s payroll, discussing tax information with you, or scanning through over 300 deductions potentially applicable to your taxes. With so many possible exemptions, it’s hard to know what can apply to you, especially since so many are unknown. That is why we wanted to share a list of a few tax deductions to look out for come April, to save you as much money as possible.

Bonus:Important Tax Deadlines For 2017

Health Insurance Premiums

If your medical premiums equate to more than 10% of your adjusted gross income, those expenses can be deducted. However, few people know that in the case of self-employment, if you are covering your own health insurance, you could potentially deduct 100% of your medical premiums. That’s right – 100%.

Pet Moving Expenses

If you are relocating for a job and pass a few other qualifications, the IRS allows you to claim deductions for that. But did you know that this also applies for your pets? On the IRS website, they state that you can deduct the cost of shipping your car and your household pets to your new home. Thanks, Fido!

Unusual Expenses

For this bullet point – we have to tell the story of Corey Wheir, the bodybuilder who claimed body oil on his taxes as they were an expense of a bodybuilding competition. At first the IRS said that wasn’t a necessity, but upon taking it to the Tax Court, they let it slide, as it aiding in his professional competition. Interesting, no?

Bonus: A Beginner’s Guide to Tax Brackets

Looking to see in any of these deductions are applicable to you? Give us a call at 602-375-5251 to speak to one of our experts.

Chris Hacker
Chris has been working in the bookkeeping and accounting field for over 15 years preparing business, income and payroll taxes. Chris has a bachelor’s degree from Arizona State and is an Enrolled Agent with the Internal Revenue Service.