TAX TIP OF THE DAY... deduct your cat?
Never say never.
1) Mr. Johnson's cats helped eliminate mice from an office in his renovated barn. The cats were "extermination expense".
2) A professional home office had 2 friendly office cats. The cats were mentioned in advertising and often approached customers. The cats were "advertising" expense.
These are not IRS examples. These are reasonable interpretations of IRS code section 162 which allows ordinary and necessary expenses BASED UPON THE CIRCUMSTANCES. The IRS has consistently allowed expenses that help a taxpayer increase sales or decrease expenses. When in doubt, ask a tax pro. You may be surprised what is allowable!!!
Stay tuned for my next post... deduct your pet fish.
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