Top Ten Tips - Overlooked Tax Deductions
By Tip Diva | Apr 01, 2008
Categories: Adult, Animals, Babysitting, Behavior, Cheap, Difficulty, Education, Employment, Free, Holiday, Home, Household, Money, Office, Pets, Small Business, Technology, Tips, Work, Workplace
Tax season is upon us, and our wonderful forms are due in a matter of two weeks. But before you file, remember there are odd expenses that you can write off, so make sure you get your money’s worth:
- Nintendo Wii - You can claim up to $250 from the purchase of the gaming console as part of the child-care credit, as the toy is educational, promotes exercise and is an effective technological babysitter. Remember that child-care credits only permit a run up to $5,000, and $6,000 for two children.
- Beef - The IRS is allowing a deduction for all beef products purchased during 2007, provided it does not exceed 0.15 percent of your total income. This is in response to losses from numerous beef scares over the year, including the September recall of over 330,000 pounds by Topps Meat Company, which was found to be tainted with E-Coli.
- Botox Injections And Plastic Surgery - This could be written off as a security expense. Suppose a burglar comes to your home and you look like this or this. You’ll send him running faster than an ADT System.
- Stripper Poles - If you purchase a stripper pole for exercise (a good one runs for about $129), you can write it off, granted you install it in your home office and that it makes you money (just invite a few friends over to stick dollar bills in the waist of your suit pants). Remember that all business income, deductions and credits go on Form 1040, Schedule C.
- Work Clothes And Uniforms - Fishnets, nine-inch heels, lace teddies and g-strings count, just as long as you wear then in your home office as you dance on your deductible stripper pole.
- Dance Classes - As long as it maintains or improve skills required in your present job, such a shimmying on top of your desk in your home office, it can be deducted on Form 1040, Schedule A.
- Personal Masseuse, Physician and Psychiatrist - Again, this is a home office expense, as you need people to help you avoid carpal tunnel syndrome, blood clots, backaches, migraines and other work-from-home-related maladies.
- Your Celebrity Rag Subscriptions - In Touch Weekly, OK! Magazine, Life & Style and other celebrity rags can be deducted as professional magazines, just as long as they benefit how you run your business. This is especially wonderful for sanitation engineers, because you get to learn more about trash.
- Gerbils - Like livestock, you can depreciate animals as long as they’re used for breeding. Gerbils are particularly effective, especially since you can have a new batch of gerbils every other week. Before you know it, two turn into 200.
- Tax Advice - Since Tip Diva has given you such great advice on tax deductions, you should send her money via PayPal to tips@tipdiva.com. Tax advice is deductible.
Oh, by the way, Happy April Fool’s Day.
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Oh my, that is sooooo funny. Just don’t let any auditors see it!
Now, that’s not fun, Kat ;)