Wacky Income Tax Deductions. CPA Kissimmee Hunters Creek FL

It is surprising what can be tax deductible and what can. A CPA in Kissimmee, Orlando and Hunters Creek FL (Certified Public Accountant) will probably tell you that your pet is tax deductible and he wouldn’t be wrong! Taxpayers try to squeeze out as much deductions as they can, a fact that many a CPA would gladly attribute to. Ranging from the wackiest to the most absurd taxpayers go through every trick in the book trying to outfox the tax code with little to show for their creative efforts. A company that will only hire a qualified CPA in its team is nothing to scoff out after all.

Some of the most bizarre excuses go something like, “Can I deduct a swimming pool as a medical expense?” However, there are certain inquiries that are valid no matter how farfetched they might seem to be. Tax payers have been known to haggle for the following tax deductions –

Pets

The family cat may well be considered part of the extended family but that does not make it liable for you to qualify for a tax deduction. However, itemizing can allow taxpayers to qualify for it in some cases. For instance, the cost of purchasing, training and maintaining an animal might be considered a as a medical expense if the pet in question happens to be a service animal for any disabilities you might have. According to the IRS (Internal Revenue Service) this may also include grooming, food and vet visits as well.
Your ownership of your pet will also be tax deductible if you have a guard dog that is provided to you by your business for protection. Circumstances apply so it’s best that you ask a qualified CPA to ensure whether your situation would allow you to apply for a deduction.
If you are eligible keep in mind that you can deduct medical expenses that exceed 10% of your adjusted gross income for 2013.

Gym Memberships

A lot of conditions apply for taxpayers to be eligible for deductions for something like this. However a CPA in Kissimmee, Orlando and Hunters Creek FL would tell you that achieving them is no walk in the park. For example, a taxpayer can only have his/her tax amount deducted if he/she has been ordered to lose weight because of a disease diagnosed by a doctor.

In this case, the expenses incurred would be deemed as deductible medical expenses if they are specific to a weight loss regimen. In other words, a membership program to a gym would not make you eligible for tax deductions but a valid weight loss plan might.

With tax season around the corner a lot of taxpayers try to cut corners to reduce their tax amounts even going so far as to arguing their case with illogical excuses. However some seemingly wacky excuses do apply. A qualified CPA will have the latest financial information at his/her fingertips so it would be in your best interest that you confide in one rather than end up with tax penalties. Your family will thank you for it.
If you have any accounting services questions, please contact us at 407-502-2400. God bless.