Waukesha and Milwaukee Accountant | Most unknown Tax Deductions

Tax deductions and credits are key to ensuring you maximize your tax refund. People have gotten away with some crazy deductions, all IRS-approved. For example, a gas station owner deducted his beer expense because he gave it away as a part of a promotion and was able to write off the cost as a business expense. There’s the ‘body oil’ deduction used by body builders who can write off their oil expenditure as a business expense. A parent was once able to write off their child’s clarinet lessons as a medical expense, claiming that playing the instrument was correcting the child's overbite.
While these are extreme and very unique examples of tax write-offs, there are some lesser-known deductions and credits that often go unclaimed. Most Americans are aware of tax deductions and credits for new additions to the family, buying a house, home-mortgage interest, and medical and dental expenses, but as you get ready to file by the April 17 deadline, make sure to get the tax refund you deserve by keeping the following lesser-known deductions and credits in mind:
• Casualty Loss: If you were a victim of damage caused by a sudden and unexpected natural disaster, like a roof collapsing due to heavy snow, you could qualify for a casualty loss deduction. However, if damage is caused from something happening gradually, such as water seepage in a basement, you would not qualify.
• Volunteer expenses: Not only are charitable donations of money and goods to a qualified charitable organization tax-deductible, if you spend money out-of-pocket in the course of performing volunteer duties, you are entitled to some modest tax deductions.
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