6 Unusual Tax Deductions You May Be Missing Out On
Unusual Business Expenses
Now, we’re not talking about expensive golf trips you take your clients on, but if you are spending money on something that aids your company, keep track of it. If you can prove how it is benefiting your business, it is generally tax deductible.
We know that most teachers spend their own money on miscellaneous supplies. Teachers’ dedication to their students doesn’t go unnoticed by us or the IRS. Deductions for materials can be up to $250 for qualified K-12 teachers.
Childcare Costs While you Volunteer
Notice we say “volunteer”. If you’re dropping your kids off with a nanny while you go get a massage or go shopping, it’s not likely you’ll be getting a tax deduction. However, if you have to pay a babysitter while you volunteer for a recognized charity, that is a different story and is tax deductible!
Tax Cuts for Continued Learning
Just because you graduated college doesn’t mean your tax deductions on continuing education stop. The amount decreases for higher income levels but your age doesn’t matter. The Lifetime Learning credit will pay up to $2,000 in efforts made to better your education, regardless of how old you are. Learn more about the Lifetime Learning credit here: https://www.irs.gov/credits-deductions/individuals/llc
First Job Moving Expenses
You finally graduated and found your first job, congrats! However, the job is across the country. You’re in luck. If you have to move more than 50 miles for the job, you can deduct 23 cents per mile if you take your own vehicle to move you and your belongings cross country.
No one likes jury duty, but when you are beckoned to the court you must attend. Luckily, your time isn’t completely wasted. When you’re paid salary, your jury duty payment is given to your employer. When this happens, you are allowed to deduct this and you do not need to pay taxes on money that you didn’t directly receive.