5 Surprising Tax Breaks You Might Not Know About

5 Surprising Tax Breaks

WINSTON-SALEM, N.C. -- If you haven't filed your taxes yet, procrastination might just pay off!  

Ryan Dodson, with Liberty Tax Service, found 5 tax breaks that might surprise you.

Dodson said the federal income tax code often gets rapped for its size and complexity, but taxpayers who take the time to read IRS publications are likely to find surprises.

The tax specialists at Liberty Tax Service have reviewed a few IRS publications and found these deductions that taxpayers may overlook.

1. Doggie deductions. Taxpayers can deduct the cost of shipping household pets to a new home, if the taxpayers meet the requirements for deducting moving expenses.

2. Acupuncture. Along with chiropractor visits, crutches ad contact lenses, taxpayers can include acupuncture and much more under medical expenses. Taxpayers must itemize, and their medical and dental expenses must exceed 10% of adjusted gross income (AGI) for those under 65 and 7.5% of AGI for those 65 and older.

3. Baggage fees. Taxpayers traveling on business may include baggage fees in their miscellaneous deductions if their employer doesn’t cover the expense.

4. Uber expenses. Uber drivers can deduct out of pocket expenses, including mileage or actual expense; the portion of their mobile phone bill used for business, and passenger supplies, such as mints and water.  

5. Safety deposit. Taxpayers can deduct safe deposit box rent as a miscellaneous deduction if they use the box to store taxable income-producing stocks, bonds or investment-related papers.

For more information, contact your nearest Liberty Tax office.

 

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