Monday 11th of December 2017 12:28:36 AM

  • I Can Deduct What?

    Friday 01st of February 2013 11:34:25 AM

    The United States tax code consists of more than 73,000 pages and it grows constantly. In fact 10,000 additional pages have been added in just the last five years according to Bob Meighan, the vice president of customer advocacy for Turbo Tax.

    According to Meighan there are countless abnormal yet acceptable deductions. Here are just a few:

    Convention in the Tropics: You are fully capable of deducting your travel costs if you are traveling to places like Bermuda, Barbados or Grenada for a business convention, even Mexico, Canada and the US are acceptable. However let’s say you try to deduct a business trip you had in Moscow or Paris, well you better be able to prove the reason why because the IRS will frown upon this circumstance.

    Clarinets and music lessons essential thereto: If your child’s orthodontist prescribes him/her to play the clarinet as an attempt to correct his/her overbite then the clarinet and music lessons can also be deducted.

    A criminal’s defense: A criminal can deduct his lawyer’s fees on his income tax return on the argument that while the criminal is in court he is unable to make money from his primary source of income, ie shoplifting.

    Bad Debts: If you lend someone money and they fail to repay you can also deduct this from you taxes. The only stipulation is the debt must be 100% uncollectable in order to write it off.

    Swimming pools: Your MD must prescribe the use of swimming pools in order for that to be written off. For instance, if you have emphysema and must swim to improve your breathing, then yes you can deduct it.

     

Leave a comment