There are approximately $5 million dollars worth of tax exemptions ready and waiting for Americans who are lucky enough to qualify for them. (That figure is up from $1 million just a few years ago.) Taxpayers have plenty of time to prepare for next season, and — with that in mind — the best tax preparation services know that it can be helpful to be familiar with all legitimate tax deductions, even the weird ones.
Starving Artists Are In Luck!
According to tax accountants, you can get a sizable tax deduction simply by being an artist who is a little hard up for cash. Be warned, though, that the qualifications for this particular deduction get very specific. “Performing artists get a deduction for expenses they incur while employed under certain circumstances, which seem almost ridiculous in their specificity: They have to have at least two employers and receive at least $200 in income from each; job-related expenses are more than 10 percent of income from performing artist jobs; and their adjusted gross income cannot exceed $16,000,” The Fiscal Times explains.
Can You Write Off Body Oils?
A quarter of American households use a financial planner to map out their budget. If you are a professional body builder, tax services recommend keeping track of every expense — large and small. Why? Professional body builders can actually write off any body oils they use prior to competitions, The Fiscal Times continues.
Let The Government Help Pay For You To Quit Smoking
Quitting smoking may seem like a smart move for managing your money — and now you can get the government to help you pay for it, too! If you can get your doctor to officially state that smoking is not good for your health (hint: that shouldn’t be difficult), the IRS will reimburse you for any cessation aides, patches, products, or programs.
What are the top accounting tips and tricks? Americans hire one million accountants, including some best tax preparation services, with good reason. These tax preparers recommend getting any legitimate deductions that you can — whether that means quitting smoking or cashing in on being a starving artist.