TurboTax Tax Breaks Help You
Pay Less Taxes
TurboTax offers many different forms of tax support but when it comes to funny facts about tax saving, TurboTax points out some fairly unusual tax breaks and write-offs for the 2018 - 2019 tax season that you might never think of as legitimate tax deductions.
Tax deductions can be very beneficial to your wallet, and feel like your best friend when your trying not to give all our spare cash to the Internal Revenue Service (IRS). The true fact is, we can certainly spend it more wisely than those greedy politicians are capable of.
I think we could all use a break from being subjected to the political turmoil we have to witness every day, unfortunately we no doubt will have to continually endure that. However, we will now with the help of some TurboTax knowledge, disclose some unusual tax breaks that can save you some serious $ mullah if you qualify for taking some of these out-of-the-ordinary deductible expenses.
Lets start with some tax benefits we should all be aware of like Itemized tax deductions, new homeowner tax credits, energy-saving home improvements. If you want to be energy conscious you should know that the IRS may offer financial favor for the purchase of certain hybrid vehicles. TurboTax tax filing programs point out available deductions like these so that you can maximize your refund. One of the features these software products offer is continually updated support on new tax deductions and credit opportunities that become available. Simple things like contributing to a Individual Retirement Account (IRA) can save you some cash.
Let TurboTax Guide You To Tax Savings
Out-Of-The-Ordinary Tax Deductions
Do you have a pet that helps with your income? In Tax Court, IRS lawyers eventually
conceded that cat food was deductible when a junkyard wrote off the cost of cat food for attracting
wild cats to take care of rats and snakes making their property
safer for customers and lowering their insurance liability.
Looks can be everything! To increase her tips, a stripper got breast implants to increase her busty ensemble. A Tax Court judge ruled that the breast augmentation cost was deductable as stage prop, or in this case should we say stage PROPS!.
Hey you landscapers, plant exceptional trees! The araucaria heterophylla—commonly known as a Norfolk Pine is in Hawaii considered an “exceptional tree”, and could get you a $3,000 deduction to maintain this special fur barring species.
Free Beer Today! Not Tomorrow... In a creative promotion, a gas station owner gave his customers free beer in lieu of trading stamps. The Tax Court allowed the write-off as a business expense, proving that sometimes beer and gasoline do in fact mix.
Even Drug Dealers Get Tax Breaks. While the government frowns on illegal drugs, the IRS will still take your income taxes. Soil and baggies for your prosperous marijuana plants are not deductible. Nor is the growing space or the cost of your security team. However, you can deduct the cost of your growing products.
Need help with some Addiction Treatment? Too much of many things can be bad for your health, drinking, smoking, drug abuse. The IRS ruled that you can write off expenses related to quitting these mind numbing habits including transportation to and from meetings like Alcoholics Anonymous or Narcotics Anonymous if attended based on doctor’s orders.
Is your girlfriend costing your to much? The owner of several rental properties hired his live-in girlfriend to manage the properties. Her duties included overseeing repairs, replacing furniture, and running his home. The Tax Court allowed him deduct $2,500 of the $9,000 he paid to her. The rest was determined to be personal.
Want to deduct your babysitter expenses? The tax court rejected and overruled an IRS revenue ruling when, A mother claimed her babysitter expenses as a deduction or (charitable contribution) while volunteering for a qualified charity. In this case it's deducible if your paying somebody to look after your child while you donate your time working at a 501 (c) (3) charity for free.
It pays to stay in shape! The cost of getting in shape is deductible if your doctor tells you that your life just may be in danger if you don't start taking better care of yourself by exercising and losing weight.
TurboTax Tax Deduction Support
TurboTax itsDetuctible along with a database of over 350 more common tax deductions allow tax filers to maximize their refunds by lowering the overall taxable income that they will calculate their tax refund from. Keeping you net taxable income down is #1.
Deductions can be tricky so support tools can help you take advantage of some strange but pocket padding loop-holes that can put a kick in your step and easy the daily expense list.
This is an area where TurboTax Tax Software products shine since this is free money just waiting for you to figure out how to claim it!