Most taxpayers are aware of common tax write offs like business travel expenses and charitable donations, but there are plenty of less obvious deductions that can save you a lot of cash.
A few crafty – and brazen – taxpayers have successfully managed to deduct expenses for swimming pools, breast reductions, gym memberships and even drug rehab – all deemed legal by the IRS (though some required lengthy court cases to prove it).
But remember, not everyone qualifies for every deduction. Medical write-offs, for example, must be above 7.5 percent of adjusted gross income; miscellaneous deductions above 2 percent of AGI.
There are many exceptions to every tax rule, and the IRS considers each situation individually. If your deductions are rejected, you could be subject to penalties and interest charges, so before you get too fancy, it’s best to consult a tax expert.