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TAX TIP OF THE DAY... deduct your pet fish?
Now that I have your attention, it's time to organize your personal income tax record keeping system for 2017. You need 5 file folders to toss receipts into throughout the year. If you don't have a receipt... toss a post it in instead with date, amount paid and details. 1) Medical, Dental, Vision 2) Taxes 3) Charity 4) Employee work expenses 5) Ask my CPA SHARE WITH A FRIEND. If you need any help... www.baboiancpa.com TAX TIP OF THE DAY... deduct business credit card costs
1) Deduct credit card CHARGES for work or business expenses. Use the charge date, not the payment date. 2) Deduct INTEREST expense - allowed for business owners, but not allowed for employees. 3) Deduct ANNUAL FEES SHARE WITH A FRIEND. If you need any help... www.baboiancpa.com TAX TIP OF THE DAY... deduct legal fees
Legal fees are deductible if associated with taxable income: 1) related to taxable LAWSUIT AWARDS 2) related to the determination of taxable ALIMONY 3) related to a DIVORCE involving a business or rental 4) to secure certain DISABILITY benefits 5) related to taxable REAL ESTATE SALES 6) related to EMPLOYMENT 7) to secure UNEMPLOYMENT benefits 8) to secure WORK ACCOMODATIONS for a physically impaired employee SHARE WITH A FRIEND. If you need any help... www.baboiancpa.com TAX TIP OF THE DAY... 10 Crazy Sounding Tax Deductions allowed by IRS Tax Court!!!
1. Breast augmentation allowed for exotic dancer Chesty Love... deductible as stage props. 2. Paying your lover... live-in girlfriend deducted as rental property manager. 3. Deducting cat food even if you don't own a cat... business owner set out cat food to attract stray cats that killed snakes and rats. 4. Drunk driver allowed to deduct resulting auto body repairs. 5. Babysitting fees... allowed as charity so Mom could do volunteer work. 6. Free beer... allowed as promotional expense by business owner. 7. Manicured lawn deducted... allowed because business customers visited the home regularly. 8. Dog moving expense allowed... finally a dog treated as a dependent!!! 9. Body oil deducted... allowed for professional body builder to "glisten". 10. Swimming pool deduction allowed... plus chemicals, pool insurance, and pool heater electric... all because a doctor recommended exercise to alleviate a medical condition. Source and more details: http://www.forbes.com/sites/robertwood/2015/01/26/10-crazy-sounding-tax-deductions-irs-says-are-legit/#2715e4857a0b13ab9b6b6505 SHARE WITH A FRIEND. If you need help... www.baboiancpa.com |
AuthorDavid S. Baboian, CPA Archives
February 2018
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