Believe it or not I don't like to encourage my readers to get too creative with their tax deductions. After all, getting too bold can get you in trouble with the big boys at the IRS. But sometimes it pays to think outside the box. Take a look at these famous examples. It's pretty hard to believe some people have gotten away with.
Cat Food Under normal circumstances, the IRS will deny your attempts at writing off animal expenses. But one business got lucky during his tax court hearing. He was allowed to make a $300 deduction for cat food he purchased to attract wild cats to keep snakes and rats out of business' scrap yard.
The Ostrich Man Ever heard of depreciation being popular for homes, cars and computers? Well continuing with the animal theme, an ostrich farmer from St. Tammany Parish depreciated his ostrich. You can depreciate livestock as long as they are being used for breeding!
Music to their ears A lucky parent was likely ecstatic to successfully write-off their son's clarinet lessons as a medical expense. The parent's claim was that playing the instrument was correcting the child's overbite, and the IRS agreed.
Double Check don't go crazy with your deductions after reading this. If you're not sure about what you can write off, make sure to double check with a professional first.
Have a happy and productive work week everyone, or at least try to!
Labels: Tax Deductions