Things You Should Never Deduct on Your Taxes
Like it or not, tax season is upon us. #UGH. Honestly, I don't know one person, except maybe whoever owns H&R Block, who looks forward to this time of year. Filing state and federal taxes is stressful, and for some people, very unpleasant.
The folks at Mediafeed.org have come up with some really great advice for those of us who haven't actually filed yet this year. According to them 'with recent changes to the tax code, certain expenses that seem like legitimate write-offs (or had been in the past) aren’t deductible on 2019 filings'. Things that you should never deduct on your taxes is a pretty important topic, so we've listed eight of them them below. Be sure and check out the reasons why in the article, and good luck, fellow Americans!
- Commuting Costs. Even though the average American worker spends up to 27 minutes a day, each way, traveling to work.
- The miles you put on your vehicle while you are working. Heads up, sales people and construction workers
- Political contributions. A hot button year for these, for sure
- Business entertainment. Yes, you can bring a client on a hunting trip. No, you can't deduct it
- Interest from home equity lines of credit. You could do this prior to the Tax Cuts and Jobs Act, which was signed into law at the end of 2017.
- Moving expenses. They are some exceptions for active duty military, however
- Alimony for divorces after 2018. Yikes.
- Tax preparation fees