Unbelievable Allowable Tax Write Offs

June 14, 2013

There are a few amazing write offs that very few people know they can claim on their taxes. These write offs can make the difference, especially for those who find themselves owing at the end of the year. It is important to know about every available tax write off to increase the amount of your return and some of them are completely unbelievable. This article is going to talk about some of the most unbelievable allowable tax write offs.

Alternative Medicine Costs

Acupuncture, vitamins and herbal supplements are a valuable tax write off. The only stipulation given by the IRS to claim this deduction is that a medical practitioner must prescribe the alternative medicine. This practitioner can be a family doctor or a naturalist as long as they are licensed. This can be a valuable write off for those who frequently use alternative medicine over conventional medications as the supplements and vitamins can cost more than your typical prescriptions especially since insurance companies do not cover these expenses.

Write Offs for Drug Dealers

This tax law seems ridiculous but is one hundred percent true. Although drugs are illegal the IRS does not allow for growing or packaging their drugs nor can they write off the expenses for the building they conduct business out of. However, when it comes to the IRS, a product is a product and that is deductible. Drug dealers are able to write off the cost of obtaining the product that they sell as an out of pocket business expense.

Write Offs For Strippers

Because any enhancement to a stripper’s body can be seen as a necessity for their line of work, these procedures are now tax deductible, because they are deemed as props necessary for their career, they are allowed this as a write off due to the rule of depreciation. This means that they are able to write off the expenses for breast implants as well as most other forms of cosmetic surgery. Every year they are allowed to claim for the depreciation of these enhancements even if their customer base does not decline.

Family Loans

If you lend money to anyone including a family member and they don’t pay it back, as long as the loan agreement is in writing you can write it off. This means even if you are sure they will never pay you back it is best to still have the agreement in writing so you can write the amount off on your taxes and it’s not a total loss. You can only deduct three thousand a year and a maximum of ten thousand in total. So don’t lend more than three thousand a year if you don’t think you will get paid back.

Donate Your House to the Fire Department

Fire departments are always in need of a house to practice fire rescue in. If you are looking to get rid of your home and are unable or don’t have the time to sell it, donate it to the local fire department. Obviously there are rules to this practice such as you must donate the land along with the home in order to claim the deduction.

  • Michael @ The Student Loan Sherpa June 15, 2013 at 10:37 pm

    Those are some absurd writeoffs. How is it this sort of stuff is able to become Federal law, but basic legislation that nearly everyone agrees upon cant get passed?

  • DC @ Young Adult Money June 18, 2013 at 8:50 am

    This is just another sign that our tax code is ridiculous. Not only is it complicated, there are so many little things in it – like tax write-offs for drug dealers – that it would be impossible to ever fully understand the code. We definitely need reform.