If you follow Accountant on the Go on social media, you may have seen us posting some of our favorite questionable tax deductions we’ve heard about or stumbled upon over the years. Most are pretty absurd, but some are so ingenious you may try to claim them yourself. Either way, we’re breaking a few of them down for you right here.
- Live in Texas? You may be eligible to deduct the cost of your cowboy boots if they’re for business purposes.
- The IRS furrowed their brow after one woman attempted to deduct BOTOX treatments as an “image enhancement” expense.
- Did you know you can deduct leftover wedding items? If you donate decorations, flowers, leftover food, or attire (including your wedding dress) from your wedding, you may be eligible for a charitable deduction.
- Most of the time, business mileage is a pretty reasonable deduction, but it can also be one of the most abused. One man tried to deduct so many miles that if he had actually driven as many as he claimed, he would have only slept a total of six hours for the entire year.
- In Hawaii if you have what qualifies as an “exceptional tree” growing in your yard, you can write off up to $3,000 of expenditures you’ve made to maintain it.
- One crafty small business owner attempted to deduct over $30,000 in backyard beautification, claiming the landscaping around the pool improved the view from his home office.
- A “tax-certified witch” successfully wrote off the costs of such training as healing with herbs and stones, making potions, divination, and fortune telling with crystal balls and hieroglyphs as qualified education expenses.
- That old fixer-upper could wind up being eligible for a historic preservation credit on your tax return. The federal credit is mainly for commercial properties, but depending on where you live, you may be able to get a state historic tax credit.
- If both parents are working full-time, it may be possible to deduct the cost of sports or summer camp.
- In Maryland, oyster farmers get a tax break, but other types of shellfish farmers do not.
Honestly, after some of these we’re considering taking up oyster farming and fortune telling. A few may be pretty outrageous, but you’d be surprised what the IRS may approve as a deduction. Regardless, before submitting anything like some of the deductions listed above, we recommend reaching out to us. Now, we just have to find out what qualifies a tree as “exceptional.”
At the core of our business are our tax and financial services. We are a highly experienced and knowledgeable team with clients in fields ranging from healthcare to high tech. We understand the complexities of the tax code and we’ll help you make informed decisions that will improve your profitability and cash flow. We’ve helped both Long Island and out of state businesses find solutions that enhance their bottom line and improve their financial outlook. Interested in learning more? Call us today at 631-547-8811 or learn more at http://acctgo.com.