Published on February 19, 2014
WACKY DEDUC TIO NS
WACKY Presented by: DEDUC TIO NS
Click this button to tweet information on each slide.
1 BODY OIL A professional bodybuilder wrote off his body oil as a business expense. The IRS wasn’t having it, but the Tax Court let it slip by. VIEW THE FULL GRAPHIC
2 BREAST IMPLANTS Cosmetic surgery costs are usually non-deductible. That didn’t stop exotic dancer, “Chesty Love,” from challenging this rule. The Tax Court considered her 56-FF implants a legitimate business justiﬁcation. VIEW THE FULL GRAPHIC
3 SWIMMING POOL One taxpayer had emphysema, and his doctor ordered an exercise regime. He installed a pool and used it twice a day to improve his lung capacity. The Tax Court allowed it as a medical expense. VIEW THE FULL GRAPHIC
4 RESTITUTION IN FRAUD One dentist’s wife kept the books and billed insurers for work that the dentist wasn’t even performing. She went to jail, leaving him to repay everything. He deducted his restitution as a business expense again. The IRS didn’t approve, but the Tax Court permitted the deductions. VIEW THE FULL GRAPHIC
5 PAYING GIRLFRIENDS One man needed someone to manage his rental properties and hired his girlfriend. She was in charge of tasks such as ﬁnding furniture, overseeing repairs, and running his personal household. He went to Tax Court and won. VIEW THE FULL GRAPHIC
6 PRIVATE PLANE One couple bought their own plane and used it to check on their rental condo daily. The IRS didn’t think it could be written off, but the Tax Court allowed it. VIEW THE FULL GRAPHIC
7 PET FOOD Another couple owned their own junkyard. They would routinely place cat food out to attract wild cats. The cats helped make their junkyard safer by killing off the snakes and rats. Their food was written off as a business expense. The Tax Court allowed it even though the IRS thought it was ridiculous. VIEW THE FULL GRAPHIC
8 DRIVING DRUNK EXPENSES One man drank too much at a party and arranged a ride home. He thought he would be alright to drive a few hours later but ended up driving off of the road and was arrested for DUI. He had to pay for the car damages when insurance wouldn’t and proceeded to deduct his repair costs and get away with it. VIEW THE FULL GRAPHIC
9 BABYSITTING FEES Babysitters are generally personal expenses, but not in this case. One mother was able to deduct her babysitting fees because she used that time to do volunteer work. The Tax Court logged it under charitable contributions. VIEW THE FULL GRAPHIC
10 MOVING A PET Sometimes the tax law permits writing off moving expenses, if you meet certain criteria. This includes the cost of moving your pet, as it is considered part of your personal effects. VIEW THE FULL GRAPHIC
11 HOME LANDSCAPING One man used his home for business meetings. In order to keep up appearances, he had to keep his yard maintained and repair his driveway. When he deducted the costs, the IRS didn’t allow it, but the Tax Court allowed a portion of the cost to be written off. VIEW THE FULL GRAPHIC
12 FREE BEER An owner of a gas station decided to give away beer instead of trading stamps. He deducted the beer as a business expense. VIEW THE FULL GRAPHIC FREE BEER
13 BERMUDA TRIP Business conventions in Bermuda are deductible without having to show that there was a special reason for holding the convention in that location. VIEW THE FULL GRAPHIC
14 SEX CHANGE The Tax Court qualiﬁed $14,500 to be deducted from $22,000 of medical expenses from surgeries changing one man into a woman. They allowed the deduction because the procedure helped cure a disease. VIEW THE FULL GRAPHIC
15 MAKING MOVIES One woman worked on a documentary ﬁlm for six years. She wrote off her six-ﬁgure losses, and after some back and forth, the Tax Court eventually allowed it. The Tax Court claimed that she acted in a business-like manner, rather than pursued a hobby. VIEW THE FULL GRAPHIC
16 DEER MEAT If you happen to hit a deer while driving in South Carolina, the state will give you a $50 tax credit for every butchered deer that you donate to charity. VIEW THE FULL GRAPHIC
17 CLARINET LESSONS One person wrote off her son’s clarinet lessons after she claimed that they were used to help ﬁx the child’s overbite. The IRS approved the deduction. VIEW THE FULL GRAPHIC
18 AFRICAN SAFARI Dairy farmers claimed a tax deduction on their trip to the African Savanna because they went to learn about animals relevant to their business. VIEW THE FULL GRAPHIC
19 DEADBEAT FRIENDS Some taxpayers have chosen to collect the money they lent to friends and never got back by writing it off as a tax deduction. VIEW THE FULL GRAPHIC $
20 OSTRICH DEPRECIATION An ostrich farmer in Louisiana was able to depreciate the cost of his ostrich. As livestock ages, farmers can deduct the depreciated value from their income if the animals were used for breeding. VIEW THE FULL GRAPHIC
Get your taxes done right, at the right price, by our CPAs - online.
The above information is intended to provide generalized ﬁnancial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on your taxes, your investments, the law or any other business and professional matters that affect you and/or your business. http://www.forbes.com/sites/robertwood/2012/03/21/still-more-strange-tax-deductions http://www.forbes.com/sites/robertwood/2012/03/19/strange-but-legit-tax-deductions http://www.forbes.com/sites/robertwood/2012/03/20/more-strange-tax-deductions http://www.kiplinger.com/article/taxes/T054-C000-S001-extraordinary-tax-deductions.html http://www.usnews.com/news/slideshows/10-bizarre-tax-deductions https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/Top-10-Oddball-Tax-Deductions/INF12065.html
Les changements sur le marché du distressed aux Etats-Unis et en Europe
Main Sections of the Report 1) Nifty Technical View 2) 4 Large Cap Trade Ide...
This presentation consits the yearly results of Kinepolis Group
Every year during tax season, the goal for most taxpayers is to lower their tax burden to the bare minimum. In terms of tax deductions, the creativity that ...
Professional financial accounting & tax accounting solutions from Intuit help you save time and money and serve your accounting, bookkeeping & tax clients ...
Comments on: 20 Wacky Tax Deductions – Bet You’ll Be Surprised! ...
Time to file your taxes is here again. Many of you have already filed your taxes while some of you still need more time. Most of us are familiar with tax ...
20 weird, outrageous tax deductions. About; Contact; Advertise; 0% APR Up To 21 Months See Wise Bread's Picks for Best Balance Transfer Cards Credit Cards;
10 Wacky Tax Deductions You’re Likely to Miss . Search form. ... PHOTO GALLERY: Click here for 10 crazy tax deductions that have actually worked
These 10 wacky tax laws are fun anytime of the year. ... 10 Wackiest Tax Laws and Deductions. Family & Personal / Juliana Olsson / 22 Feb 2013.
From Yahoo Finance: 10 Wackiest Tax Deductions ... Did you hear the one about the pot dealer's tax return? The New Yorker who claimed the whole ...
February 20, 2013 5 Wacky Tax Deduction Ideas (and Why They Might Work) In certain cases, you can fight City Hall, and the IRS