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.

418 Responses to 10 Things That You Didn’t Know Were Tax Deductible
  1. Mustang sound
    April 19, 2018 | 9:55 pm

    Wow, fantastic weblog layout! How long have you ever been blogging for?

    you made running a blog look easy. The total glance of your site is great, as smartly as the content material!

    Feel free to surf to my web site Mustang sound

  2. Health and Fitness
    April 19, 2018 | 11:58 pm

    You are a very intelligent individual!

  3. Health and Fitness
    April 20, 2018 | 1:07 am

    you’re really a just right webmaster. The website loading pace is incredible. It sort of feels that you are doing any distinctive trick. In addition, The contents are masterwork. you’ve performed a fantastic task on this subject!

  4. anal butt plug
    April 20, 2018 | 3:02 am

    Here is a great Weblog You might Discover Interesting that we Encourage You

  5. Ìàíãóñòèí ×åëÿáèíñê
    April 20, 2018 | 3:30 am

    Wow, that’s what I was seeking for, what a material! existing here at this webpage, thanks admin of
    this web site.

    my web-site Ñèðîï Ìàíãóñòèíà Äëÿ Ïîõóäåíèÿ Ñèíõðîâåðñèòåò Íà Ãëàâíóþ

  6. News
    April 20, 2018 | 8:11 am

    Nice read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch as I found it for him smile So let me rephrase that: Thanks for lunch! “Whenever you have an efficient government you have a dictatorship.” by Harry S Truman.

  7. Health and Fitness
    April 20, 2018 | 8:43 am

    Just a smiling visitant here to share the love (:, btw outstanding style .

  8. depforce review
    April 20, 2018 | 9:04 am

    You reazlly mae iit seem so eawy wifh your presentation buut I find this matteer too be acttually sometyhing
    which I thinkk I would ndver understand. It seems too comlex
    and exttemely broad for me. I amm looking forward for yor
    nexct post, I will tryy to get the hang off it!

    my websote :: depforce review

  9. Health and Fitness
    April 20, 2018 | 9:51 am

    Hello. remarkable job. I did not imagine this. This is a remarkable story. Thanks!

  10. Health and Fitness
    April 20, 2018 | 12:07 pm

    Just a smiling visitor here to share the love (:, btw great style and design .

  11. Health and Fitness
    April 20, 2018 | 12:50 pm

    Excellent read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch as I found it for him smile Thus let me rephrase that: Thanks for lunch! “One who’s our friend is fond of us one who’s fond of us isn’t necessarily our friend.” by Geoffrey F. Albert.

  12. Amber
    April 20, 2018 | 1:58 pm

    the time to read or pay a visit to the subject material or web pages we’ve linked to beneath the

  13. Health and Fitness
    April 20, 2018 | 2:04 pm

    We are a group of volunteers and opening a new scheme in our community. Your web site provided us with valuable info to work on. You have done a formidable job and our whole community will be thankful to you.

  14. Health and Fitness
    April 20, 2018 | 2:29 pm

    Hi there, just became aware of your blog through Google, and found that it’s really informative. I’m going to watch out for brussels. I’ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Cheers!

  15. Leia
    April 20, 2018 | 10:27 pm

    That is very fascinating, You are a very skilled blogger.
    I have joined your feed and sit up for in the hunt for more of your great post.
    Additionally, I have shared your site in my social networks

    Here is my homepage: christian distributors – Leia

  16. Health and Fitness
    April 20, 2018 | 10:31 pm

    I have been checking out some of your posts and it’s pretty clever stuff. I will make sure to bookmark your website.

  17. Health and Fitness
    April 20, 2018 | 11:25 pm

    Pretty nice post. I just stumbled upon your weblog and wanted to say that I have really enjoyed surfing around your blog posts. In any case I’ll be subscribing to your rss feed and I hope you write again soon!

  18. Health and Fitness
    April 20, 2018 | 11:39 pm

    I’ve read some good stuff here. Definitely value bookmarking for revisiting. I wonder how so much attempt you place to make the sort of fantastic informative website.

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.

418 Responses to 10 Things That You Didn’t Know Were Tax Deductible
  1. Mustang sound
    April 19, 2018 | 9:55 pm

    Wow, fantastic weblog layout! How long have you ever been blogging for?

    you made running a blog look easy. The total glance of your site is great, as smartly as the content material!

    Feel free to surf to my web site Mustang sound

  2. Health and Fitness
    April 19, 2018 | 11:58 pm

    You are a very intelligent individual!

  3. Health and Fitness
    April 20, 2018 | 1:07 am

    you’re really a just right webmaster. The website loading pace is incredible. It sort of feels that you are doing any distinctive trick. In addition, The contents are masterwork. you’ve performed a fantastic task on this subject!

  4. anal butt plug
    April 20, 2018 | 3:02 am

    Here is a great Weblog You might Discover Interesting that we Encourage You

  5. Ìàíãóñòèí ×åëÿáèíñê
    April 20, 2018 | 3:30 am

    Wow, that’s what I was seeking for, what a material! existing here at this webpage, thanks admin of
    this web site.

    my web-site Ñèðîï Ìàíãóñòèíà Äëÿ Ïîõóäåíèÿ Ñèíõðîâåðñèòåò Íà Ãëàâíóþ

  6. News
    April 20, 2018 | 8:11 am

    Nice read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch as I found it for him smile So let me rephrase that: Thanks for lunch! “Whenever you have an efficient government you have a dictatorship.” by Harry S Truman.

  7. Health and Fitness
    April 20, 2018 | 8:43 am

    Just a smiling visitant here to share the love (:, btw outstanding style .

  8. depforce review
    April 20, 2018 | 9:04 am

    You reazlly mae iit seem so eawy wifh your presentation buut I find this matteer too be acttually sometyhing
    which I thinkk I would ndver understand. It seems too comlex
    and exttemely broad for me. I amm looking forward for yor
    nexct post, I will tryy to get the hang off it!

    my websote :: depforce review

  9. Health and Fitness
    April 20, 2018 | 9:51 am

    Hello. remarkable job. I did not imagine this. This is a remarkable story. Thanks!

  10. Health and Fitness
    April 20, 2018 | 12:07 pm

    Just a smiling visitor here to share the love (:, btw great style and design .

  11. Health and Fitness
    April 20, 2018 | 12:50 pm

    Excellent read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch as I found it for him smile Thus let me rephrase that: Thanks for lunch! “One who’s our friend is fond of us one who’s fond of us isn’t necessarily our friend.” by Geoffrey F. Albert.

  12. Amber
    April 20, 2018 | 1:58 pm

    the time to read or pay a visit to the subject material or web pages we’ve linked to beneath the

  13. Health and Fitness
    April 20, 2018 | 2:04 pm

    We are a group of volunteers and opening a new scheme in our community. Your web site provided us with valuable info to work on. You have done a formidable job and our whole community will be thankful to you.

  14. Health and Fitness
    April 20, 2018 | 2:29 pm

    Hi there, just became aware of your blog through Google, and found that it’s really informative. I’m going to watch out for brussels. I’ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Cheers!

  15. Leia
    April 20, 2018 | 10:27 pm

    That is very fascinating, You are a very skilled blogger.
    I have joined your feed and sit up for in the hunt for more of your great post.
    Additionally, I have shared your site in my social networks

    Here is my homepage: christian distributors – Leia

  16. Health and Fitness
    April 20, 2018 | 10:31 pm

    I have been checking out some of your posts and it’s pretty clever stuff. I will make sure to bookmark your website.

  17. Health and Fitness
    April 20, 2018 | 11:25 pm

    Pretty nice post. I just stumbled upon your weblog and wanted to say that I have really enjoyed surfing around your blog posts. In any case I’ll be subscribing to your rss feed and I hope you write again soon!

  18. Health and Fitness
    April 20, 2018 | 11:39 pm

    I’ve read some good stuff here. Definitely value bookmarking for revisiting. I wonder how so much attempt you place to make the sort of fantastic informative website.

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/