2. Did you know these Tax laws in US
actually exist?
The tax season is around the corner and I am sure
most of you
would be in a frenzy to file your taxes at the
earliest. Well, good
for you. But what if I tell you that you might have
missed out
on some tax exemptions or deductions while
preparing your
taxes?
Most Americans consider that the tax laws are a bit
complicated
and, thus, resort to professionals’ help for preparing
and filing
3. Did you know these Tax laws in US
actually exist?
Here is a list of such weird federal tax laws. Find
out if you have
ever heard about them:
Allowance for clay miners
Allowance for shell and rock miners
Body building, anyone?
It is time to pursue your 'artistic' skills
Breast implants are depreciable
4. Did you know these Tax laws in US
actually exist?
Allowance for clay miners
Sagger clay is used in pottery. People who mine
this clay get a
14% federal depletion allowance. Quite generous,
don’t you
think? However, there is a catch to this law. If the
clay gets
deposited in sewer pipes then the allowance is
reduced to
7.5%.
Allowance for shell and rock miners
If you are engaged in extracting oyster shells, clam
5. Did you know these Tax laws in US
actually exist?
Body building, anyone?
Body building can be a lucrative professional choice as the special oils used in the
preparation of a body-building competitions are eligible for tax exemption. You can
deduct the cost of these special oils from your taxable income. However, buffalo
meat and wheat-grass shots do not qualify for tax exemption and their expenses
are included in your taxable income.
It is time to pursue your 'artistic' skills
If you are a performing artist and fulfill some employment conditions, you can
claim deductions for expenses incurred during such employment. The employment
conditions stipulate that you should be employed by a minimum of 2 employers
each paying at least $200, the expenses related to your job should be more than
10% of the
income generated from the same job and your adjusted gross income should not be
higher
than $16,000. If you fulfill these conditions, enjoy tax exemptions on your job-related
expenses.
6. Did you know these Tax laws in US
actually exist?
Breast implants are depreciable
This one takes the cake! If your breast implants are
requirement
in your chosen field of work, they are considered as
a stage
prop. Since the prop is for your business, it comes
under the
category of business assets which are depreciable
over time.
7. Did you know these Tax laws in US
actually exist?
Some 'weird' state tax laws
Yes, even the US states are not far behind in weird tax exemptions and
deductions. Here are some
weird tax laws prevalent across some popular US states.
o New York Bagels – if you are in New York and love your bagels, decide
how you want to buy them to avoid tax. An uncut bagel is tax exempt.
However, if you buy your bagel any other way (like sliced or creamed)
you have to part with 8 cents in taxes.
o California and its fruits – buying fruits from kiosks or fruit stalls attracts
a 33% tax while buying fruits from the grocery store does not. Strange,
isn’t it?
o Arkansas and being natural – if you are in Arkansas and get your body
pierced, tattooed or underwent electrolysis, you would have to pay a 6%
extra tax. Being natural has its perks, doesn’t it?
o Alabama and Nevada and the playing cards dilemma – as gambling
is legal in Nevada, the state gifts you a free deck of playing cards when
each return is filed. However, in Alabama, the state charges a 10% on
decks with 54 or less playing cards.
8. Did you know these Tax laws in US
actually exist?
With these weird tax laws, it is no doubt that
Americans find
filing their taxes difficult. With both federal and state
tax laws
having weird tax deductions or charges, it
sometimes become
difficult to figure out whether you can save tax or
have to file an
extra tax. The next time you file your taxes, look out
for these
strange tax deductions and save on your tax outgo.
