December 24th, 2017

TAX TIP OF THE DAY... deduct your Christmas tree?

​These are the different ways that clients have suggested that we deduct their home Christmas trees:
1) Donate the dried out tree as fire wood to a qualified charity.
2) Plant the dried out tree in the backyard to start your tree farm business. Failed business expenses go on schedule D.
3) Burn the dried out tree in the fireplace and deduct as home office "heating utilities".
4) Take photos of yourself with the dried out tree and post on your business web site... deduct as advertising. 
5) Invite business associates over Christmas Eve/Day and discuss business around the dried out tree... deduct as business decorations.
6) When all else fails... bury in "Miscellaneous" expense and cross your fingers for 3 years.

Bah Humbug! 
IRS says none of these ideas work... unless you are Jewish.
Merry Christmas friends and taxpayers across America!!!

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If you need any help... www.baboiancpa.com