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Little-known tax deductions that can save you money

Marketplace Contributor Apr 14, 2015
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Sam Weiner and Daniel Kibblesmith are the authors of the book, “How to Win At Everything. They came on the show Tuesday to dole out some tax advice.

Tax day is almost here, and Uncle Sam is coming for your hard-earned dollars, to fritter away on wasteful roads and firehouses. Here are the lesser-known tax loopholes and deductions that will save you a fortune on this year’s tax bill:

Everyone knows married couples get a variety of tax breaks, so why not slash your tax bill even further by marrying as many people as you can by April 15th? Your husbands and wives will agree there’s nothing sexier than financial prudence.

You’re also probably familiar with the Child Tax Credit, but you’re not limited to your own kids! If you’ve disciplined a stranger’s unruly child in a grocery store or on an airplane, you’re not just a hero — you can also claim that child as a dependent!

Do you ever work from home? Do you ever spend long sleepless nights thinking about work? Does worrying about work consume your every waking moment? Good news! The inside of your mind may qualify as a home office.

What about small business owners? If you’ve trained your dog to work at your small business, the IRS owes you a $2,000 Canine In The Workplace Credit.

Finally, you can deduct all sorts of surprising things — home internet, business lunches, business funerals, museum-quality rocks, and most importantly, any money you’d rather just hang on to for yourself. After all, you earned it.

Besides, if the government really wants more money, they can always just print it themselves.

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