10 Things That You Didn’t Know Were Tax Deductible

It’s hardly news that businesses are hurting in today’s economy where money is tight, clients are paying and banks aren’t lending. If you are struggling to make ends meet, don’t despair. Things will get better and it may be sooner than you think. Tax time will be rolling around before you know it and many overlooked deductions could save a great deal of money. Before you file your next tax return, do some research and see where you can cut your taxes. Here are 10 things that you didn’t know were tax deductible.

10. Depreciation on Breeding Animals

If you breed dogs as a full or part-time business, you can claim depreciation on the breeding animals. The current U.S. tax code allows depreciation for breeding stock such as show dogs and race horses. You must intend to sell the offspring in order to claim this deduction. Additionally, you can only depreciate the breeding male and/or female, but not the offspring.

9. Business Travel

Travel expenses may be written off if they pertain to your business. When one is attending a conference or business meeting, this may be taken off. You will need to be able to show proof that business was conducted during this trip though. Don’t mark off your second honeymoon weekend to Boston with your wife. If your spouse is a business partner or employee though, they can travel with you and their expenses may be written off as well as half of their meals. Be sure to save all receipts.

8. Disaster Related Expenses

Last winter was rough for many parts of the country. Casualty deductions may be claimed if the president declared your area a designated disaster area. Any losses you incurred as a result of the disaster may be claimed on your return. Remember this for the future also as you never know when Mother Nature may strike.

7. Tax Preparation Fees

Tax planning is a big part of any business. In order to make the largest profit, you need to pay the minimum in taxes. Often investment and tax planning expenses are overlooked at tax time though. These qualify as itemized expenses as long as they are more that 2% of your adjusted gross income before you receive any tax benefit. Expenses you should include are tax preparation fees and employee business expenses. As a small business owner, every penny counts and this is a great way to put some back for a rainy day. Don’t forget safety deposits boxes, magazine subscriptions and long distance phone calls as they may all be deducted also.

6. Home Office Expenses

Home office deductions are a must for any small business owner operating out of his or her home. Everything can be marked off as long as it is used solely for business. If you use your computer or any other item in this office for personal use, you will need to calculate how much time the item is used for personal reasons and how much time it is used for the business. If you rent an apartment, a portion may be deducted for home office use also.

5. Home Refinancing Costs

When operating out of your home, remember to deduct points when you refinance your home. Points that are paid on a refinance may be deducted over the life of the loan. Although this may not seem like a great deal, over time it adds up. Small deductions like this, taken together, can make a huge difference on your tax burden.

4. Health Insurance Premiums

Those who are self-employed can mark off 100% of health insurance premiums. You don’t have to itemize to claim this deduction either. As long as you are not covered by an employer paid plan, you can take this deduction.

3. Travel Expenses for Military Reservists

Those who are in the military reserves can take a deduction for travel expenses. Your trip must be more than 100 miles from home and overnight to qualify. Not only can you deduct the cost of your lodging, but half of your meals also as well as wear and tear on your vehicle. Parking fees and tolls may also be deducted.

2. Hobby Related Expenses

If you have a hobby and sell the fruits of your labor, you may be able to deduct expenses here also. You can only deduct as much as you made, but it will help in the long run.

1. College Fees

Finally, if you go back to school to further your career, these expenses may be marked off. You must make less than $65,000 a year if you file single and $130,000 a year if you file jointly. Up to $4,000 may be deducted here.

Tom writes for Money Choices, an Australian reviews website where he writes about business bank accounts and other financial services for Aussie businesses.

6,043 Responses to 10 Things That You Didn’t Know Were Tax Deductible
  1. Neal Bertsche
    November 15, 2018 | 2:25 pm

    I do think there exists a trouble with your websites making use of Flock internet browser.

  2. eyelash extensions cambridge uk
    November 15, 2018 | 3:03 pm

    You made some first rate factors there. I regarded on the web for the problem and located most people will associate with along with your website.

  3. Kimesses
    November 15, 2018 | 4:25 pm
  4. Kimesses
    November 15, 2018 | 6:59 pm
  5. Theresia Kunau
    November 15, 2018 | 7:16 pm

    Normally I don’t read article on blogs, but I would like to say that this write-up very forced me to try and do it! Your writing style has been surprised me. Thanks, quite nice article.

  6. Google
    November 15, 2018 | 8:04 pm

    Please pay a visit to the websites we adhere to, which includes this one, because it represents our picks through the web.

  7. Evaesses
    November 15, 2018 | 10:41 pm
  8. bitmex
    November 15, 2018 | 11:43 pm

    pretty beneficial material, overall I believe this is worthy of a bookmark, thanks

  9. Google
    November 16, 2018 | 12:32 am

    The info talked about inside the write-up are a number of the most beneficial offered.

  10. Google
    November 16, 2018 | 2:52 am

    Below youll uncover the link to some internet sites that we consider you should visit.

  11. Google
    November 16, 2018 | 3:22 am

    One of our guests just lately encouraged the following website.

  12. Carrol Schoonhoven
    November 16, 2018 | 4:00 am

    Hello! I simply wish to make a enormous thumbs up with the great info you’ve got here for this post. We are coming back to your site to get more detailed soon.

  13. Kimesses
    November 16, 2018 | 4:39 am
  14. Evaesses
    November 16, 2018 | 4:50 am
  15. Buy Essay
    November 16, 2018 | 5:19 am

    There is certainly a great deal to find out about this subject. I like all the points you ave made.

  16. Rod Burris
    November 16, 2018 | 6:34 am

    oh well, American Dad is a nice tv series. my sixteen year old daughter just loves watching it**

  17. empresas de publicidad y mercadeo
    November 16, 2018 | 11:59 am

    There are so many options out there that I am completely confused.. Any recommendations? Thanks!

  18. Google
    November 16, 2018 | 12:52 pm

    We prefer to honor numerous other world-wide-web web pages around the web, even if they arent linked to us, by linking to them. Under are some webpages really worth checking out.

  19. Ben Sanft
    November 16, 2018 | 2:01 pm

    Hiya! I randomly stumbled upon your blog from Bing. Your article is filled with interesting information, and I will definitely use it at some point in my career. Keep up the excellent work!

  20. Eryn Chiarmonte
    November 16, 2018 | 2:12 pm

    This is a appropriate blog for everyone who hopes to learn about this topic. You already know a lot its practically challenging to argue with you (not that I just would want…HaHa). You definitely put a whole new spin with a topic thats been revealed for some time. Fantastic stuff, just excellent!

  21. Janeesses
    November 16, 2018 | 2:13 pm
  22. Arturorina
    November 16, 2018 | 2:17 pm

    online price compare

    35ef we choice how much online

  23. Evaesses
    November 16, 2018 | 2:46 pm
  24. burberry
    November 16, 2018 | 3:58 pm

    Wonderful story, reckoned we could combine a handful of unrelated information, nevertheless really worth taking a look, whoa did a single understand about Mid East has got additional problerms as well

  25. gucci
    November 16, 2018 | 4:00 pm

    below you will come across the link to some web pages that we assume you must visit

  26. burberry
    November 16, 2018 | 5:35 pm

    please take a look at the web sites we adhere to, such as this 1, as it represents our picks through the web

  27. Janeesses
    November 16, 2018 | 5:36 pm
  28. burberry
    November 16, 2018 | 6:08 pm

    Wonderful story, reckoned we could combine a number of unrelated data, nonetheless seriously worth taking a search, whoa did one master about Mid East has got far more problerms too

  29. gucci
    November 16, 2018 | 6:17 pm

    Wonderful story, reckoned we could combine a number of unrelated information, nevertheless actually really worth taking a look, whoa did one understand about Mid East has got extra problerms at the same time

  30. burberry
    November 16, 2018 | 6:45 pm

    just beneath, are quite a few totally not connected web-sites to ours, even so, they may be surely really worth going over

  31. burberry
    November 16, 2018 | 7:10 pm

    usually posts some incredibly intriguing stuff like this. If youre new to this site

  32. burberry
    November 16, 2018 | 7:41 pm

    although sites we backlink to below are considerably not connected to ours, we really feel they may be truly really worth a go by, so have a look

  33. Janeesses
    November 16, 2018 | 8:38 pm
  34. Evelyn
    November 16, 2018 | 9:01 pm

    Yeah bookmaking this wasn at a risky determination outstanding post!.

  35. burberry
    November 16, 2018 | 9:21 pm

    always a large fan of linking to bloggers that I like but dont get a lot of link appreciate from

  36. gucci
    November 16, 2018 | 9:29 pm

    although websites we backlink to below are considerably not related to ours, we feel they are truly really worth a go by means of, so have a look

  37. gucci
    November 16, 2018 | 9:30 pm

    please stop by the sites we comply with, which includes this 1, as it represents our picks from the web

  38. burberry
    November 16, 2018 | 9:44 pm

    that would be the end of this report. Here youll come across some sites that we believe you will enjoy, just click the links over

  39. burberry
    November 16, 2018 | 10:34 pm

    below you will discover the link to some web-sites that we think you should visit

  40. gucci
    November 16, 2018 | 10:56 pm

    just beneath, are a lot of absolutely not connected web sites to ours, however, they are certainly really worth going over

  41. gucci
    November 16, 2018 | 11:08 pm

    we came across a cool internet site that you simply could possibly get pleasure from. Take a look should you want

  42. burberry
    November 16, 2018 | 11:42 pm

    always a massive fan of linking to bloggers that I really like but do not get a good deal of link love from

  43. versace
    November 17, 2018 | 12:06 am

    always a big fan of linking to bloggers that I really like but dont get lots of link appreciate from

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/10-things-that-you-didnt-know-were-tax-deductible/trackback/

10 Things That You Didn’t Know Were Tax Deductible

It’s hardly news that businesses are hurting in today’s economy where money is tight, clients are paying and banks aren’t lending. If you are struggling to make ends meet, don’t despair. Things will get better and it may be sooner than you think. Tax time will be rolling around before you know it and many overlooked deductions could save a great deal of money. Before you file your next tax return, do some research and see where you can cut your taxes. Here are 10 things that you didn’t know were tax deductible.

10. Depreciation on Breeding Animals

If you breed dogs as a full or part-time business, you can claim depreciation on the breeding animals. The current U.S. tax code allows depreciation for breeding stock such as show dogs and race horses. You must intend to sell the offspring in order to claim this deduction. Additionally, you can only depreciate the breeding male and/or female, but not the offspring.

9. Business Travel

Travel expenses may be written off if they pertain to your business. When one is attending a conference or business meeting, this may be taken off. You will need to be able to show proof that business was conducted during this trip though. Don’t mark off your second honeymoon weekend to Boston with your wife. If your spouse is a business partner or employee though, they can travel with you and their expenses may be written off as well as half of their meals. Be sure to save all receipts.

8. Disaster Related Expenses

Last winter was rough for many parts of the country. Casualty deductions may be claimed if the president declared your area a designated disaster area. Any losses you incurred as a result of the disaster may be claimed on your return. Remember this for the future also as you never know when Mother Nature may strike.

7. Tax Preparation Fees

Tax planning is a big part of any business. In order to make the largest profit, you need to pay the minimum in taxes. Often investment and tax planning expenses are overlooked at tax time though. These qualify as itemized expenses as long as they are more that 2% of your adjusted gross income before you receive any tax benefit. Expenses you should include are tax preparation fees and employee business expenses. As a small business owner, every penny counts and this is a great way to put some back for a rainy day. Don’t forget safety deposits boxes, magazine subscriptions and long distance phone calls as they may all be deducted also.

6. Home Office Expenses

Home office deductions are a must for any small business owner operating out of his or her home. Everything can be marked off as long as it is used solely for business. If you use your computer or any other item in this office for personal use, you will need to calculate how much time the item is used for personal reasons and how much time it is used for the business. If you rent an apartment, a portion may be deducted for home office use also.

5. Home Refinancing Costs

When operating out of your home, remember to deduct points when you refinance your home. Points that are paid on a refinance may be deducted over the life of the loan. Although this may not seem like a great deal, over time it adds up. Small deductions like this, taken together, can make a huge difference on your tax burden.

4. Health Insurance Premiums

Those who are self-employed can mark off 100% of health insurance premiums. You don’t have to itemize to claim this deduction either. As long as you are not covered by an employer paid plan, you can take this deduction.

3. Travel Expenses for Military Reservists

Those who are in the military reserves can take a deduction for travel expenses. Your trip must be more than 100 miles from home and overnight to qualify. Not only can you deduct the cost of your lodging, but half of your meals also as well as wear and tear on your vehicle. Parking fees and tolls may also be deducted.

2. Hobby Related Expenses

If you have a hobby and sell the fruits of your labor, you may be able to deduct expenses here also. You can only deduct as much as you made, but it will help in the long run.

1. College Fees

Finally, if you go back to school to further your career, these expenses may be marked off. You must make less than $65,000 a year if you file single and $130,000 a year if you file jointly. Up to $4,000 may be deducted here.

Tom writes for Money Choices, an Australian reviews website where he writes about business bank accounts and other financial services for Aussie businesses.

6,043 Responses to 10 Things That You Didn’t Know Were Tax Deductible
  1. Neal Bertsche
    November 15, 2018 | 2:25 pm

    I do think there exists a trouble with your websites making use of Flock internet browser.

  2. eyelash extensions cambridge uk
    November 15, 2018 | 3:03 pm

    You made some first rate factors there. I regarded on the web for the problem and located most people will associate with along with your website.

  3. Kimesses
    November 15, 2018 | 4:25 pm
  4. Kimesses
    November 15, 2018 | 6:59 pm
  5. Theresia Kunau
    November 15, 2018 | 7:16 pm

    Normally I don’t read article on blogs, but I would like to say that this write-up very forced me to try and do it! Your writing style has been surprised me. Thanks, quite nice article.

  6. Google
    November 15, 2018 | 8:04 pm

    Please pay a visit to the websites we adhere to, which includes this one, because it represents our picks through the web.

  7. Evaesses
    November 15, 2018 | 10:41 pm
  8. bitmex
    November 15, 2018 | 11:43 pm

    pretty beneficial material, overall I believe this is worthy of a bookmark, thanks

  9. Google
    November 16, 2018 | 12:32 am

    The info talked about inside the write-up are a number of the most beneficial offered.

  10. Google
    November 16, 2018 | 2:52 am

    Below youll uncover the link to some internet sites that we consider you should visit.

  11. Google
    November 16, 2018 | 3:22 am

    One of our guests just lately encouraged the following website.

  12. Carrol Schoonhoven
    November 16, 2018 | 4:00 am

    Hello! I simply wish to make a enormous thumbs up with the great info you’ve got here for this post. We are coming back to your site to get more detailed soon.

  13. Kimesses
    November 16, 2018 | 4:39 am
  14. Evaesses
    November 16, 2018 | 4:50 am
  15. Buy Essay
    November 16, 2018 | 5:19 am

    There is certainly a great deal to find out about this subject. I like all the points you ave made.

  16. Rod Burris
    November 16, 2018 | 6:34 am

    oh well, American Dad is a nice tv series. my sixteen year old daughter just loves watching it**

  17. empresas de publicidad y mercadeo
    November 16, 2018 | 11:59 am

    There are so many options out there that I am completely confused.. Any recommendations? Thanks!

  18. Google
    November 16, 2018 | 12:52 pm

    We prefer to honor numerous other world-wide-web web pages around the web, even if they arent linked to us, by linking to them. Under are some webpages really worth checking out.

  19. Ben Sanft
    November 16, 2018 | 2:01 pm

    Hiya! I randomly stumbled upon your blog from Bing. Your article is filled with interesting information, and I will definitely use it at some point in my career. Keep up the excellent work!

  20. Eryn Chiarmonte
    November 16, 2018 | 2:12 pm

    This is a appropriate blog for everyone who hopes to learn about this topic. You already know a lot its practically challenging to argue with you (not that I just would want…HaHa). You definitely put a whole new spin with a topic thats been revealed for some time. Fantastic stuff, just excellent!

  21. Janeesses
    November 16, 2018 | 2:13 pm
  22. Arturorina
    November 16, 2018 | 2:17 pm

    online price compare

    35ef we choice how much online

  23. Evaesses
    November 16, 2018 | 2:46 pm
  24. burberry
    November 16, 2018 | 3:58 pm

    Wonderful story, reckoned we could combine a handful of unrelated information, nevertheless really worth taking a look, whoa did a single understand about Mid East has got additional problerms as well

  25. gucci
    November 16, 2018 | 4:00 pm

    below you will come across the link to some web pages that we assume you must visit

  26. burberry
    November 16, 2018 | 5:35 pm

    please take a look at the web sites we adhere to, such as this 1, as it represents our picks through the web

  27. Janeesses
    November 16, 2018 | 5:36 pm
  28. burberry
    November 16, 2018 | 6:08 pm

    Wonderful story, reckoned we could combine a number of unrelated data, nonetheless seriously worth taking a search, whoa did one master about Mid East has got far more problerms too

  29. gucci
    November 16, 2018 | 6:17 pm

    Wonderful story, reckoned we could combine a number of unrelated information, nevertheless actually really worth taking a look, whoa did one understand about Mid East has got extra problerms at the same time

  30. burberry
    November 16, 2018 | 6:45 pm

    just beneath, are quite a few totally not connected web-sites to ours, even so, they may be surely really worth going over

  31. burberry
    November 16, 2018 | 7:10 pm

    usually posts some incredibly intriguing stuff like this. If youre new to this site

  32. burberry
    November 16, 2018 | 7:41 pm

    although sites we backlink to below are considerably not connected to ours, we really feel they may be truly really worth a go by, so have a look

  33. Janeesses
    November 16, 2018 | 8:38 pm
  34. Evelyn
    November 16, 2018 | 9:01 pm

    Yeah bookmaking this wasn at a risky determination outstanding post!.

  35. burberry
    November 16, 2018 | 9:21 pm

    always a large fan of linking to bloggers that I like but dont get a lot of link appreciate from

  36. gucci
    November 16, 2018 | 9:29 pm

    although websites we backlink to below are considerably not related to ours, we feel they are truly really worth a go by means of, so have a look

  37. gucci
    November 16, 2018 | 9:30 pm

    please stop by the sites we comply with, which includes this 1, as it represents our picks from the web

  38. burberry
    November 16, 2018 | 9:44 pm

    that would be the end of this report. Here youll come across some sites that we believe you will enjoy, just click the links over

  39. burberry
    November 16, 2018 | 10:34 pm

    below you will discover the link to some web-sites that we think you should visit

  40. gucci
    November 16, 2018 | 10:56 pm

    just beneath, are a lot of absolutely not connected web sites to ours, however, they are certainly really worth going over

  41. gucci
    November 16, 2018 | 11:08 pm

    we came across a cool internet site that you simply could possibly get pleasure from. Take a look should you want

  42. burberry
    November 16, 2018 | 11:42 pm

    always a massive fan of linking to bloggers that I really like but do not get a good deal of link love from

  43. versace
    November 17, 2018 | 12:06 am

    always a big fan of linking to bloggers that I really like but dont get lots of link appreciate from

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/10-things-that-you-didnt-know-were-tax-deductible/trackback/