Tax Day Deadline Moves. Plus Helpful Tips for More Deductions
If you put off filing your tax return until the last minute, you’re in luck. You have three extra days. Here’s why, plus some overlooked tax deductions.
The traditional IRS deadline is April 15, but it doesn't apply when the date falls on a weekend, a federal holiday or a holiday celebrated in Washington, DC. The District of Columbia celebrates Emancipation Day on April 15th this year, which means the IRS deadline now falls on the following April 18.
Emancipation Day celebrates the signing of the Emancipation Act. It’s observed on April 16. Emancipation Day is a holiday for federal employees in D.C., including the IRS. Since the holiday falls on a Saturday this year, it’s being observed on the closest weekday.
According to CBS, babysitting, weight loss, massages, gambling, and even beer are the 5 most overlooked tax deductions.
You can claim up to $3,000 per child if you hired a babysitter or daycare for work or charity purposes. Note: hiring a babysitter for date night or a night out doesn't count.
Weight Loss Programs
You can write-off weight loss if it's prescribed by your doctor. This also applies to programs that help you quit smoking.
Just like weight loss programs, or initiatives that help you quite smoking, massages can be a tax write-off. That is, if you have a doctor's note.
Suffered a bad beat in poker? That slot machine didn't pay out? Turns out you can write-off your gambling losses. There is a catch, you write-offs can't exceed your winnings. So if you won $1,000 the most you can write off is $1,000 in losses.
Sadly this doesn't apply for a wild Saturday night. Or buying a number of rounds for your BFFs. But if you own a small business you are in luck. If you buy customers a free cold one to improve your business, the drink can become a tax deduction.