Every homeowner knows about deducting mortgage interest payments from their income taxes, just as every freelance worker knows that certain business-related expenses can be deducted from their income, assuming they qualify.
But many taxpayers may not realize that dozens of other personal expenses can be claimed on their taxes – everything from pet moving expenses to whale hunting.
Related: 10 Surprising Tax Deductions in 2015
While you may not qualify for many of them – you just never know. If you recently had a baby, for example, you and your spouse probably took at least one pregnancy test, enrolled in a series of childbirth classes and invested in a breast pump and other birthing-related materials. These qualify as medical expenses – and medical expenses can be deducted from your taxable income if they amount to more than 10 percent of your adjusted gross income, assuming you itemize deductions. (Check with tax professionals.)
Seniors over 65 could also deduct dental expenses if they exceed 7.5 percent of AGI. Adapters to TV sets and telephones for the hearing impaired; artificial limbs; crutches; chiropractor services – a lot of this can also be deducted.
There are limits, however. Reimbursed medical expenses from your insurance provider or from a health savings account don’t qualify as a deduction. As always, you’ll need proof that your doctor required that fancy electronic wheelchair for your temporary back pain.
Click here to see 10 Surprising Tax Deductions in 2015
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