7 Little Known Expenses You Can Write Off On Your Taxes

When it comes to taxes, there are some things everyone knows they can write off in order to get more money back, like exemptions for kids, mortgage interest and business expenses for example. However, there are a great deal of other expenses that can be written off to lower your tax liability too. While most have some rules involved, the majority of write-offs are pretty easy to remember and take advantage of.

Here are 7 not-so-well-known tax deductions.

Moving Expenses

If you move a very large distance and can show that the move was for work, you can write off any moving expenses you acquire along the way. This includes moving vans, shipping boxes, movers and any travel-related expenses too. For those of you who have made big moves, you know how helpful this can be, especially if the move was unexpected or inconvenient.

There’s a lot of rules for this one though, so to be sure to do your research so you’re sure where the lines are drawn between what is and isn’t a deductible expense.

Student Loan Interest

While any payments you make on your loans won’t help you out any when it comes to getting back more during tax season, you can include any interest accrued on your loans in your taxes.

Loan companies will usually give you a printout of your loan interest at the end of the year so you can include the printout on your taxes, but if they don’t it’s very simple to ask for one.

Charitable Donations

If you’re a generous person and donate money to charities then you already know that these donations can come off on your taxes. These usually work when they’re a certain percentage of your income. This is common knowledge. What a lot of people don’t know though, is that donating just about anything can be counted, not just cash.

For example, if you donate a great deal of used furniture, a used vehicle or clothing, then you’re entitled to claiming this on your taxes. Companies that take donations will provide you with the paperwork you can use to count these things towards your taxes during the coming season.

In my area there are charities which come by every few weeks in trucks to pick up donations you leave at your front doorstep. I’ve donated everything from old televisions to dishware to shoes. They leave a note where you can itemize the things you donated along with their estimated value. This document serves as your proof, in case of an audit, of what was donated.

Home Business

If you work from home or are self-employed, then you can write off things you need in order to complete your work. There’s a lot of different rules that come attached to this write-off, so be careful and really take into account what qualifies and what doesn’t.

You don’t need to have an official company that’s registered and have employees working for you in order to claim a deduction for business expenses. You just include a Schedule
C form, list yourself as a sole proprietor and list any expenses you had throughout the year. This could be anything from a new computer, advertising fees or anything else that you purchased for your work at home business.

Commuting Costs

When your job requires you to travel far distances, you can include these expenses on your taxes. This doesn’t count the commuting it takes to get to work, but instead any extra commuting you do during the day or for meetings and conferences.

For example, if you’re a field tech and you spend all day on the road going from site to site, the gas you spend and the maintenance on your car can be included. However, if your job offers you reimbursement for what you spend on commuting, you can’t claim anything. No double dipping allowed.

Medical Expenses

If 10% of your income goes to health related expenses, then that money you spend on your health can be collected and added together during tax season. It’s important to keep clear records of all your expenses, since this can get really confusing.

Some health related items, such as acupuncture, meditation courses, yoga and a gym membership don’t always count. But any money you spend on medication, vitamin supplements, medical procedures and doctor office visits definitely count. This usually only benefits those who spend a great deal of money on medical stuff, but it doesn’t hurt to keep track, just in case.

Research For Work

When you’re doing things that count towards research for work, you can write those expenses off because they’re no longer considered leisure. This ranges from dinner you buy to research for a book or textbooks you buy to learn more about a topic you’re working on.

On top of items you buy, conferences, meetings and other outside-of-work professional development count too. Make sure, though, that you’re honest with your claims and you save your receipts because if you get carried away it can increase your risk of an audit.

In order to maximize your tax return it’s important to go to a qualified tax preparer. They will ask all the right questions to help you lower your tax liability and ensure you get all of the tax deductions you rightfully deserve.

Tax writeoffs can save you A LOT of money. Here are 7 little known expenses you can write off on your taxes. #taxes #irs #cpa #cashthechecks

 

About The Author

Edwin is the money hacking millennial behind Cash The Checks. He lives a minimalist lifestyle and is always eager to learn and share his methods to save and make money.

  • Sara says:

    You cannot claim student loan interest if you file married separately.

  • Sierra says:

    Don’t you have to itemize in order to deduct medical expenses?

  • Edwin C. says:

    Yes that’s true.

  • Jess says:

    You do have to itemize to deduct medical expenses. Same with charitable donations i think. You also have to have a $500 minimum in charitable donations.

  • Carol says:

    Any over-the-counter medications, including vitamin supplements, are not deductible. You may deduct out of pocket costs for prescription drugs.

  • Sue says:

    There is no minimum to Charitable donations.

  • mona says:

    I am able to deduct the cost of property taxes on the home that i live in. Question. Can i deduct the cost of association fees on that same property? I am looking into purchasing rental property. What can I deduct from these properties? thank you for your information fro your blog.

  • Melissa says:

    For rental property you can donate expenses incurred between tenants to get unit ready to rent, any repairs made, management fees and you must claim income earned from rental property. You also can claim any property taxes paid as well as association fees and interest on a loan. Any good tax preparer will give you a list of things to claim.

  • Bonnie Harris says:

    Can you claim the missing rent from vacant property?

  • Tammie says:

    What if you were scammed out of nearly $20,000. From a company that was suppose to help you become an Amazon Affiliate – and they dissolved and disappeared with your money? Can this be a write off in state of Wisconsin?

  • Jenny Taylor says:

    I’ve been using It’s Deductible to keep track of my charitable donations, both cash and items. It’s super easy and if you use an online tax prep software, the information can be linked directly.

    Bonnie- When you accurately report your income from rental properties, you are, in effect, claiming the “missing” rent from vacant properties, as your overall income will be lower than it would have been if those properties were rented out and producing revenue.

    Tammie- If a person can deduct gambling losses, I would hope you can deduct money lost to a scam!

  • Michelle Johnson says:

    You have to itemize to claim medical expenses but the expenses claimed must meet the required percent of your adjusted gross income. Charitable donations less than 500.00 don’t require a receipt. However, I always had all donation receipts in case there was ever a question.

  • Dee says:

    I had a friend help me pay my bills off and gave me money so I need to pay taxes on this?

  • Carol says:

    How about commuting site to site but your employer only reimburses after driving 30 miles? could I still write off gasoline, car maintanance,and the miles before the 30 mark?

  • JoAnn Morris says:

    I was told by my tax preparer that I make too much money to declare my student loan interest. Ironic since I went to school to be a nurse. I didn’t realize that nursing is a high income profession

  • Beth says:

    Can Association Fees in a person’s primary residence be deducted on an itemized return? Also, can taxes paid on a Vacation Rental, such as a Timeshare be deducted on itemized return? Lastly, I resigned from a fairly high paying job last year due to Neurological conditions. This question would be for 2017. I am married, my adult, disabled son resides with us. So, he and I are both on Disability, however my husband is employed. We own a home together, should we still file married, filing jointly because of the status of my income? I did make substantially more than he did. Thank you!

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