Tomorrow is the official last day to file taxes in the United States. Common deductions for tax returns include charitable donations, and various medical expenses. But did you know your swimming pool could get you a tax break? Here are some more interesting tax deductions.
Your Swimming Pool Swimming is easy on the body and joints, and provides for effective physical therapy – so much so, a swimming pool can be deducted as a medical expense if it’s needed for a medical reason.
Your Gambling Losses Gambling winnings are a notable taxable income, but gambling losses can also be deducted. You can only deduct them, however, if your losses are no more than your winnings in a taxable year. Keep your receipts from things like lotteries, raffles, and racing events.
Your Child’s Music Lessons Thanks to a 1962 provision clarinet lessons (and other music lessons, but clarinet is specifically mentioned) were made tax deductible because playing the clarinet and like instruments can help with overbites. Thus, it is a medical expense.
Your New Year’s Resolution A common New Year’s Resolution for many is to quit smoking. But did you know that kicking cigarettes to the curb can be deducted if it helps improve your health?
Your Dog Service dogs and other animals are known for their abilities to assist people with physical disabilities – thus adding in their medical well being. Therefore, a service dog and any cost associated with the animal can be deducted from taxes.
Your Weight Loss Journey For some, being overweight can lead to serious health risks. At the encouragement of their doctors, plenty of Americans successfully use a significant amount of weight to ensure a healthier future. If you’ve done this, you can deduct the cost of whatever regimen you took to improve a tangible part of your health, like your heart rate.
What have you deducted before that may be considered “unusual?” Let us know in the comments!
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.