For those who aren’t versed in tax law, filing taxes can feel more like an art than a science. Wading through the dense — and obscure — tax code in order to ensure the most lucrative refund isn’t always so cut and dry.
GOBankingRates decided to take a deep dive into the nooks and crannies of the tax code, digging up a few lesser-known tax break gems that might save you some coin this tax return season.
Click here to keep reading about more tax deductions you’ve never heard of.
Tax Break No. 1: Hobby Expenses
If you spend all your time in a man cave, you now have one powerful excuse to get your spouse off your case — a potential tax break. If you find a way to make your hobby into a side gig, your wallet will thank you — if your hobby ends up producing income, you can deduct your expenses up to that amount.
Tax Break No. 2: Wig Costs
This tax break will make you flip your wig. Jokes aside, if you purchased a wig for medical or business purposes, you could write that off as an expense during tax time.
Tax Break No. 3: Pet Expenses
Fido just learned a new trick. Besides fetch, sit, stay and roll over, you can add “deduct.” According to the tax code, there are various pet-related tax breaks — especially if your pet is classified as a business expense.
Tax Break No. 4: Pregnancy Tests
There’s nothing more nerve-wracking than waiting for those two little pink lines — but you can trade your anxiety for a nice tax break. Pregnancy tests are considered tax-deductible, so hang onto your receipt — and after you get your refund, maybe you could even stash it in the baby book.
Tax Break No. 5: Bad Debts
The sting of getting stiffed is one that even the IRS understands. Under some circumstances, money lost to bad debts is considered to be tax-deductible — and you can recoup some of your loss during tax time.