Top 6 Tax Deductions That (Unfortunately) Don’t Exist

In an aged sitcom, the pb quality tried to deduct a Thanksgiving turkey erstwhile she couldn’t spend her taxes. While that mightiness look similar a stretch, you mightiness beryllium amazed astatine immoderate of the things taxpayers taxable arsenic deductions to the IRS.

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Even though the IRS maintains easy-to-access lists of communal acceptable deductions, determination tin beryllium times erstwhile it mightiness look similar thing is missing.

“Tax play ever reminds america that immoderate write-offs are excessively bully to beryllium true, adjacent if they consciousness work-related,” said Chris Heerlein, CEO of REAP Financial. “We ever get asked astir deductions that dependable large successful mentation but don’t clasp up successful an audit.”

“No, your Peloton doesn’t suffice arsenic bureau furniture, adjacent if it supports your work-life balance,” Heerlein said. “These whitethorn consciousness similar portion of the job, but the IRS sticks to strict rules.”

Filip Telibasa, a certified fiscal planner with Benzina Wealth, said gym memberships to trim sick days from enactment are besides not taxation deductible.

“The IRS says your rotation people is simply a idiosyncratic expense, adjacent if it makes you much productive astatine work,” Telibasa said.

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You mightiness beryllium amazed that your chap taxpayers effort to deduct those greeting drinks.

“I can’t archer you however galore of my clients effort to constitute disconnected their regular Starbucks runs arsenic concern expenses,” said Andrew Lokenauth, a wealth and concern expert. “Listen, I get it, that $7 oat beverage latte feels indispensable to relation astatine work. But the IRS doesn’t attraction astir our caffeine addictions.”

Sticking with food, you whitethorn beryllium reasoning that repast prep services are deductible, since clip is money, Telibasa said.

“Unfortunately, convenience is not a deduction category,” helium added.

Lokenauth said, “So here’s thing frustrating. Even if you’re watching documentaries oregon industry-related content, streaming services aren’t tax-deductible.”

Lokenauth and Telibasa each pointed retired that favored “office assistants,” adjacent if they’re utilized for affectional enactment portion doing enactment calls for home, are astir apt not deductible.

One objection whitethorn beryllium if you person a certified work animal.

“I’ve had aggregate clients effort to deduct their dogs arsenic bureau information oregon affectional enactment animals,” Lokenauth said. “And portion my aureate retriever mightiness beryllium the champion coworker ever, favored expenses aren’t deductible unless they’re morganatic work animals oregon existent moving animals similar defender dogs.”