NATIONWIDE (FOX NEWS) – Tax day is three weeks away and if you still haven’t filed your paperwork, there are some last minute things to consider that may save you money, in the long run, this year.
The dreaded tax day is approaching fast, this year on April 17 because of how the calendar falls. And according to tax expert Andrew Poulos, you can get creative to save even more of your hard-earned cash.
Poulos said, “..a hundred here, a few hundred there, eventually starts making a difference on people’s tax returns.”
One thing to think about is animals. Furry friends typically don’t count toward a tax deduction. But think again if your pet helps a medical condition, or was purchased for a business reason. Poulos stated, “..they would be allowed to deduct the cost of their pets, the food cost, purchasing, for example, some dogs to protect the business, vet bills, that sort of stuff would be tax-deductible for a small business owner.”
Another trick, student loans. Poulos said you can still take a deduction on your loans even if someone else is paying them, as long as they’re in your name. Poulos said “..it’s what I call the gift that keeps on giving, right? Your parents are helping you, they’re making the payments for you, and you actually get the tax benefit on your tax return.”
Still wanting to get some extra cash from Uncle Sam? Look in your closet. Donated clothes are considered charitable contributions, including wedding dresses. “You can’t write off the cost of what it cost you to get the dress for your wedding night, but you can write off the fair market value of it,” said Pulos. “That tax break can be from a couple hundred to several thousand dollars.”
This year could be your last to take advantage of many of these tax deductions. Under President Trump’s tax plan, the standard deduction will double for many Americans, meaning you may have to donate *much* more to see an added benefit.