Income tax season is once again upon us.
Filing one’s taxes is always a confusing and difficult process. The rules are constantly changing and just keeping up with them is a mammoth task. And it seems that accountants are being more cautious than ever, especially when it comes to gray areas.
But that doesn’t mean you have to stay wide of the center line.
In consideration of this, here are five tax deductions, that according to Turbo Tax, you may not be aware of:
1. In the event you have to relocate for work, the cost of moving your pet may be tax deductible.
2. If you have a medical condition that requires swimming as a form of therapy, your pool and related expenses may be tax deductible.
3. The cost of childcare while you are donating your time to charity may be tax deductible.
4. If your doctor orders you to get in shape or lose weight, the cost of such may be tax deductible.
5. If you use a dog to protect your property, the cost of care may be tax deductible.
These are all great, but I’m trying to figure out a way to write off my yacht. That gave me an idea.
What if someone bought a home on Sexton Island and then resold it in 500 equal shares to area pleasure boat owners. I would certainly be willing to purchase a 1/500th share. As an owner, since the only access to the island would be by boat, it only seems natural that the boat and the related expenses would be fully deductible on your taxes. How else can you check on your property, which you will obviously do, each time you take your boat out?
Of course, I have not run this by my accountant or the IRS for that matter, but on the surface it seems plausible.
What do you think?
Disclaimer: If anyone uses my idea and ends up in federal prison for tax evasion, you don’t know me.