How to Maximize Your Tax Savings

Tax season is here. You know, that time of year when the government knows exactly how much you owe them to avoid prosecution but instead of sending a bill, they give you anxiety for a few months as you procrastinate figuring it out and getting them done? Yeah, it’s that time.

With April 15th (that’s when they’re due, y’all) right around the corner, we thought we’d help you get the most out of your returns with some legit and LEGAL ways to write off your coffee, as well as other things you might not be getting the cash for you deserve. (We kind of sounded like a cheap law firm ad right then, didn’t we? Moving on.)

Whether you’re a business owner, entrepreneur or a cog in the machine like the rest of us, don’t miss out on these ways to boost your return this tax season—and possibly get payback for all the coffee you bought last year. (Disclaimer – we are NOT tax or finance professionals, do not take our word for it, but be sure to ask your tax person about some of these opportunities).

Small Business Owners and Entrepreneurs

Conduct your business from home? You’re sitting on serious loot when it comes to what you can write off. Your rent or mortgage can be claimable if your home is the location of where you do business. Then, there’s everything inside your office...

Your cellphone, internet and software used for your business are all expenses that can potentially be claimed. These are office utilities, and so is the coffee you brew up to fuel your work. Office supplies required to keep your business running are all potentially deductible, so get that bread while you brew up some free coffee.

What if I just work from home?

If you can time travel to prior to 2018 and do your taxes, then you definitely can drop some added deductions on your taxes based on using your home as an office. But, since the man is still hiding that technology from us, you unfortunately cannot deduct your home office or the items that go along with it on your taxes. You can thank a 2018 tax reform for that sh*t. Be sure to double-check with a professional, as there may still be items related to your work you can deduct.

And remember, making coffee at home is always cost-saving so skip the weak brews and long drive-thrus next year and keep that cash in your pocket.

What if I’m just a person out here living my life, trying to get as many deductions as I can?

No problem, we gotchu. There are some stipulations to this list, so run it by the most responsible person you know (not us), but there are instances where all of the below can be written off...

• YOUR CAT OR DOG
• Now the creatures in your home living rent-free can start paying their share. If your dog moonlights as a guard dog at your place of business, drop it on the deduction line. Similarly, if your cat contributes to pest control, that may be deductible.
• CLARINET LESSONS
• These bad boys can qualify as a medical expense, if you can believe that. Orthodontists say they can help correct misaligned bite.
• SUMMER CAMP
• If you and your partner both work and this replaces child care, you may be able to deduct it.
• YOUR KID'S ALLOWANCE
• This one is dicey... but we read that if you pay your kids a fair wage, you can actually deduct it from your business expenses. This could also lower your income tax bracket...
• YOUR LIGHTBULBS
• Swapping to energy efficiency? Go you—treat yourself to a deduction.
• A CLOWN COSTUME
• Well, if you’re a clown that is. Specialized uniforms for your job are deductible.
• WHALING SHIP REPAIR
• That’s right, captains can claim up to $10K for ship repairs. Remember, you must actually own a whaling ship to claim this deduction.
• YOUR SWIMMING POOL
• Have a medical condition that can be improved by swimming? That in-ground you’ve been dreaming of might be deductible based on your situation.
• LOST WEIGHT OR QUIT SMOKING?
• Generally improving your health, especially when ordered by a doctor, can be written off depending on certain details. Get hot & get paid, that’s what we always say.

If you haven’t already started your taxes, we hope this inspires you to cross it off your list with a few added ways of earning cash back. And if you don’t trust us about the whole home office write-off thing (understandable), here’s some proof from the feds.

Source: 20 Unusual Tax Deductions