Think only celebrities and big corporations get away with outrageous tax deductions? We’ve put together a few reasonable ones you can take advantage of next year, and a few of the more outrageous tax deductions for fun.
1. Put your pup to work! Employing man’s best friend to protect your company grounds can offer some leeway with the IRS. Since the animal is considered part of the “protection” or security system for your place of business, some of your pooch’s care costs may be written off come tax time.
2. Enlarging your deduction — taken to the next level. In 1988 a stripper wrote off her breast enlargement surgery as a business expense. At first the tax courts denied her the deduction. Immediately she appealed the decision and sure enough, her implants were considered a business expense allowing her the tax deduction.
3. Getting a prescription for cash. Does your doctor feel you need to drastically improve your health in order to stay alive? Well the IRS wants you alive and kicking in order to keep up with your tax payments. If your doctor signs off on the purchase of remedies in order to drop some weight, you may be able to write the concoctions off as an expense on next year’s tax return.
4. Stick ’em up! No one escapes the IRS when there’s cash involved. Even criminals in the pen must pay tax on their bounty; ironically, they may be able to write off lawyer expenses as a tax deduction. Who are the real criminals here?
5. Smoke and mirrors. Lately, everyone seems to be trying to live a healthier lifestyle. Many smokers have decided to quit, if not for health reasons, then for the steep increase on cigarette taxes. Smoking cessation devices, patches, or other quit-smoking aids can indeed be written off at tax time. Take advantage of this and you may see some payback for cigarette taxes you paid last year.
6. Music to your ears. Signing junior up for clarinet lessons may not be such a bad idea after all. If your child has an over-bite it is scientifically proven that playing certain wind instruments can correct the problem. Junior practicing clarinet may keep you up at night, but writing off that lesson can help you sleep like a baby during tax time.
7. Moving on up. You made it. You finally got that big promotion and are moving to the city to rake in the dough and live the high life. As many people already know, you can write off your moving expenses when relocating for a job. If you have pets, moving can become a bit more costly especially if there is a plane ride in your pup’s future. Since this is considered a moving expense, you pet’s airfare is a write off as well.
At Optima Tax Relief we can help you take advantage of some of these legal, but outrageous tax deductions. Contact us for more information on how to keep more cash in your pocket and out of the IRS’s hands.