12 Crazy, Wacky & Most Overlooked Tax Deductions!
Ever wonder what Tax Deductions you’ve missed? With these 12 Crazy, Wacky & Most Overlooked Tax Deductions, I’m pretty sure there’s at least one tax write off you didn’t know about or totally forgot about! These should help you get a HUGE Tax Refund back this year ââââ CLICK SHOW MORE ââââ or help you owe less money on your taxes to the government! Now all you need to do is think about what you are going to buy with your tax refund. 😉
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Great info.. thank you
QUICK UPDATE EVERYONE: I realized I said monthly in this video and meant to say yearly! So for renting out your home tax free, you can do that up to 14 times each YEAR. :)
Thanks so much; IRA info I didn't know. is Mortgage insurance the same as home owners insurance?
Home owners insurance (HOI) is separate than mortgage insurance (MI). HOI covers your house from physical damage like a fire or tornado. MI is required when you get a mortgage and do less than a 22% down payment. Let me know if you have other questions! austin@rootedfp.com
+Austin Lewis Thanks!
Great video. Good tips. Invest in a microphone, it was difficult to listen to that echo-y room. :)
+Debbie Cranberryfries It looks like she's wearing one already. I'm not sure why it's so echo-y.
Yeah, I had mic issues… 🙁 Sorry guys! I'm searching for a better mic that will actually work! 🙂
I agree other comments made the echo is terribly distracting but other then that thanks for the tips
+Kim Anderson Yeah, I am definitely working on that. I've had a few mic issues! Hopefully within the next few videos it will be fixed. Thanks for hanging in there!
Great Tips! Did not even know about most of these! Thanks!
+Aimee Sims So glad it helped!! So spend your return on something fun. 😉
Hi The Melea Show!! Do you know if i can write off my daughter's braces??? as you know they are super expensive!!!
+mistlitletl I know that Dental falls under Medical Expenses… but you have to have a certain amount of Medical Expenses to even write it off. So I would talk with a tax professional to see if you have enough Medical Expenses for the year to write it off!
+The Melea Show thank you for replying..
Are the items in a YouTube haul tax deductible?
If you are doing YouTube videos as a way to make money and for a "business", then it definitely should be!
Awesome thank you!
Please explain the difference between mortgage insurance and "the mortgage premium". You said both are deductible.
Hey Larry, this probably explains it better than I can: http://www.investopedia.com/ask/answers/071614/whats-difference-between-private-mortgage-insurance-pmi-and-mortgage-insurance-premium-mip.asp Not everyone has both to deduct, but if you do, it can save you money!
buy a mic !
milf
Can you tell me if paying rent for an apartment can be credited on my Michigan State return. I am a single woman with income under 50,000 for 2016.
note on the last point, if you refinance and prepay points you dont get to write off the whole amount you pay, but you get the deduction for the life of the loan. I just did a return where a lady refinanced for 30 yrs, so her deduction for that each year will only be $2
Please use a lapel mic or get out of that room with the hardwood floors.Too much noise bouncing off the walls.
You can only deduct 14 days of rent per year. Not per month it's also called the Augusta Rule as named for the Golf tournament when individuals would rent their house.
Great video!
great video! and you are cute too!
GREAT JOB
Good tips, but the one thing you failed to mention is that you cannot do a standard deduction and itemization. Your itemization would need to amount to more than the standard deduction.
video starts at one minute 52 seconds
Am I retarded or does it seem as if your out of pocket expenses have to increase to have a larger tax refund. For example a child net cost annually significantly more than any tax refund.
Your husband is lucky.
The money you pay your kids and spouse is a business write off yes, however, it is liable for payroll taxes. You are required by law to pay payroll taxes on those wages. If you are filing a schedule C, your income is hit with "self employment tax" which is the same as payroll taxes, but that doesn't include the money you paid someone else in your family.
Thanks for clarifying that further! 🙂
Good advice Melea! I appreciate the wisdom.
14 days ?????Non-Taxable Rentals â A rental may not be taxable (no matter how substantial the amount) if the (1) property was used by a host personally as a residence during the year, AND (2) it was not rented at a fair rental price for more than 14 combined days during the year. The only deductions allowed related to the rental will be otherwise deductible property taxes and mortgage interest (Sch. A). When this is the case special reporting procedures must be taken on your tax return to avoid IRS Form 1099 matching errors.
I'm fairly certain the home energy savings tax credit expired a few years ago, which is part of why so many manufacturers are not continuing to expand the previous EnergyStar lines of appliances. May be wrong on the expiration, but I do know from people who did it a decade ago that you need to have paperwork that proves the work was done properly or you could end up having to pay back whatever you get and more if you get audited. Others have mentioned the error on the rental tax, plus you also have to be aware of what your individual state has for taxes on rental properties.
I really can't watch this
Hi…..I wish I could make out what you are saying. You must be in a metallic surrounding because you talk fast and the metallic echo clouds your words. I am super interesting in what you are saying. Just wish I could make it out.
suck for san diego are city going to make short term rental of homes illegal.
Wow, you can put last year's payment to state tax on this year's taxes? You can put money you owe the government in a HSA instead? I'm blown away. 🙂 $
Wow! I did learn something new. The health and home were good tips. $
GOOD TO KNOW ABOUT THE CAMPS FOR MY KIDS 🙂 THANKS! $
Wow ð³ I didn't know camps are considered day care. I will keep that in mind. $
Hello Melea,The information you have on this site is right on. I didn't know all the tax breaks I can add on to my taxes. next year should be an awesome year for me ,lol. $
Thank you for your inspirational channel, and such awesome information! Great job, beautiful!
With my years of experience, I have learned that those who may speak well, does not necessarily means are smart people. Infect statistics states that 9 out of 10 times good speakers are found to be having very little IQ level. In other words they Do Not posses True Wisdom (Knowledge).Wisdom = Silence.Many a times 1 word = 1 Million words and that comes with Wisdom.I would still prefer giving a Thumbs up due to the nature of the video and the speaker.
I don't really understand the rent part
Dude, you don't need a thing to help people subscribe. It's literally right below the video.