Tax Deductions most would never think of...

[believe]

I was thinking today about something that someone told me. They said that there are a lot more deductions that the IRS allows, but we don't know about. I read in a magazine that you can deduct prenatal classes....of course I read this after having my DDs. I never would have dreamed this was deductable.

Just wondering if there are other items that individuals are positive that they are deductable, but most individuals just don't realize it.

 

[janette]

They might be part of medical expenses, the problem with those are the high % requirement. If they are a deductable medical expense they would also be qualified for pre-tax medical spending accounts and that would be something to keep in mind if it would be an expected expense the next year. There are several things that I've found count in a pre-tax medical spending account , they are even better than deductions.

 

[betz]

If you are the least bit creative, hobbies can be deductable!

http://www.thebyb.com/articles/hobbies.html

I am not a consultant, nor have I ever claimed to be one

 

[J&D]

Here are some from a list I found in 2000.

accounting fees for tax preparation
alcoholism and drug abuse treatment
cell phones
cleaning and laundry service while traveling
contact lenses, glasses, and hearing devices
contraceptives, if bought with a prescription
costs associated with looking for a new job
depreciation of home computers
dues to labor unions
education expenses required by your employer
moving expenses
fees for a safety deposit box to hold investments
hospital service fees
improvements to your home
legal abortion expenses
protective clothing required at work
subscriptions to professional journals
theft losses
trade or business tools with life of 1 year or less

believe- childbirth classes were on this list

 

[believe]

Glasses...contraceptives, what would those go under? Even if it is a copay can you deduct the copay? Not sure if you know these answers but I thought I would ask.

 

[J&D]

Sorry, but I really don't know the answer. I just posted a few things that were on the list that I had. Hopefully someone else can help.

 

[Cindy B]

Originally posted by believe
Glasses...contraceptives, what would those go under? Even if it is a copay can you deduct the copay? Not sure if you know these answers but I thought I would ask.

I think, but not entirely certain, that those things would go under medical spending... but if I recall correctly, you need to spend a decent percentage to make that deduction work for you..

You may be better with a flexible spending account, and thus in turn, with the pretax dollars, reducing your amount on Box 1 of your W2. I had a flexible spending for medical/daycare years ago..(I think 2 separate ones, this was almost 8 years ago!)...my copays, etc.. were all covered with the FSA. All my daycare expenses were covered as well, once I submitted the claim.


And lets not forget the mileage you do for volunteer/charity work. We as a family do a lot of that, so the mileage we drive to get there... and back is deductible as well.

 

[Bildmouse]

Glasses and perscriptions are listed under medical expenses. You can deduct the actual amount you pay (co-pays).

 

[dianeschlicht]

We used to claim our dog hobby as a business, but it got harder to do, so this year, we are not doing it anymore.

 

[Dan Murphy]

medical expenses that can and cannot be claimed as itemized tax deductions

......you to count medical expenses exceeding 7.5% of your adjusted gross income in your itemized tax deductions

 

[olena]

Chris gets a deduction for his legally blind wife. Go figure!