We all know we can make deductions from our taxable income each year. Usually, things like business expenditures or medical fees can be claimed, reducing the overall income tax we must pay annually.
However, some of these deductions may surprise you. We’ve compiled a list of five of the most esoteric expenses that are tax deductible. Some of them are highly specific, and will only benefit a small portion of the population, while others are more universally useful. Read on for ways to reduce your tax bill, or visit the Villanova University website for more information on taxation law.
This one definitely falls into the “specific” category, but it’s still worth mentioning that breast implants and augmentation surgery can be written off for tax purposes. The precendent was set back in 1988 when an exotic dancer named Chesty Love – possibly not her real name – claimed a tax deduction of $2,088 on her sillicone implants.
Ms. Love won her case when a tax court ruled that her augmented breasts counted as a “stage prop” and could be viewed as a professional expense.
You might think that learning a musical instrument is a pleasurable activity, and certainly not something which could be tax deductible, but you’d be wrong! In 1962, orthodontists reported to the IRS that regularly playing the clarinet could help cure children suffering from retrognathic mandible (overbite, to you and me), leading to a change in tax law.
What followed was a series of parents claiming clarinet lessons for their children against tax. It might seem strange, but it’s perfectly legitimate deduction.
How are swimming pools and clarinet lessons linked? They can both be claimed against tax as medical expenses.
Having a swimming pool installed in your home and yard might seem like an ostentatious display of wealth, but if you have a proven medical condition which requires you to swim regularly, it could be a savvy financial move, and result in a large reduction in your overall tax bill.
Moving Your Pets
If you have to move to a new home for work, there are a wide range of expenses that can be claimed against tax. One of these expenses that is not so well known is the expense of moving your pets.
This is an example of how it pays to do your research. The costs of pet carriers, animal handling fees and other expenditures associated with transporting your furry friends can all be deducted from your income tax.
Staying with the animal theme, did you know that the cost of purchasing and feeding certain pets can also be deducted from your tax bill? If you can prove that you purchased the animal for protecting your home, property of business, then you can claim this against tax.
This creative deduction usually applies to dog owners, but since the news has been awash lately with stories of guard pigs, geese and all manner of other defensive fauna, you could probably put forward a pretty good case for them too!