Tax season is upon us, and that means many of us are working to find additional deductions and credits in an effort to lower our tax liability. After all, you don’t want to pay more to the Internal Revenue Service that absolutely necessary – and you don’t even want to pay that. However, taxes are a certainty, just like the many deductions you might find you qualify for. Aside from the most common tax deductions available to taxpayers, we’ve rounded up three you might not be aware you can take. Every personal tax situation is different, but maybe one of these lesser-known deductions will lower your bill, and your stress level, just a bit.
Personal Belongings Loss
Natural disasters, theft, robbery and other instances in which you lose personal belongings from your home or vehicle due to any of the above are sometimes allowable deductions, per the IRS. The key is to figure out which items your insurance company did not cover when paying your claims, and then figure the net loss on each item from each occurrence.
Gambling isn’t always the most appropriate habit to take up, but it can pay off if you win. It can even pay off just a bit if you don’t. Any losses incurred while gambling are considered tax deductible. It might just take away a bit of the losing pain when you are able to offset your income taxes with each loss.
Medically-Used Swimming Pools
Do you have a pool that you use for medical purposes? If so, you might be able to find a tax deduction in there. If you are forced to build a pool so that you can work your body, rehabilitate or use it for any medical purpose as advised by your medical doctor, you have a chance of writing it off. You may, however, have to prove that the pool is used only for this purpose and not for fun – a probably if you have kids, grandkids or actual fun in your pool – and you likely have to prove that there is no other pool available for your use for medical purposes within a certain distance of your home.
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