According to John Pollock, president of a group called Financial Gravity, there are many deductions that Americans can take, however don't expect the IRS to point them out.

Here are 5 tax deductions, that are typically overlooked by many.

  1. Gambling Losses - The IRS does allow you to write off gambling losses. However, you won't be able to exceed any winnings you might have had. So if you only won $1000, you would only be able to write the amount of $1000 off.
  2. Weight Loss Programs - Whether it's smoking cessation or a prescription from a doctor, Mr. Pollock shared that even a massage could be a write-off, as long as a doctor has prescribed it.
  3. Adventures In Babysitting - If you are working or doing charity work, while babysitting, and expenses are accumulated, you can claim the up to $3000 per child credit. However, if you are going on a date with your spouse, and you get a babysitter to watch little Sally, they won't count that. Sorry!
  4. Free Adult Beverages - If you offer your customers a free beer and you are a small business, the IRS will allow you to write it off as a tax deduction.
  5. Hiring Your Offspring For Business - Mr. Pollock shares that there are some major tax benefits to hiring your under 18 aged kids as employees, if you own a small business. If your child keeps their wages under $6100.00, they won't owe any income or federal employment tax.

Just some things to think about as you have your taxes prepared. Regardless of what you have read here, it is always best to double check the facts with your tax guy, just in case the laws have changed.

 

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