Under the right circumstances, even the weirdest expenses may be eligible for a tax break. Here are five situations where the IRS allowed them.
You probably know by now that charitable deductions are tax-deductible. But how about the cost of caring for your pet? Or your kid's clarinet lessons?
This tax season is especially notable because of the Tax Cuts and Jobs Act, which took effect in 2018. The new law roughly doubled the standard deduction to $12,000 for singles , eliminated personal exemptions and limited itemized deductions. She tried to nab a depreciation tax break on the implants, declaring them a deductible business expense.
The IRS had argued that the family enjoyed flying to Mammoth Lakes and that they would ski and swim during their visits, therefore the trips were actually vacations. Finally, if your pet becomes an internet sensation, you might be able to deduct related costs as business expenses, said Greene-Lewis.
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