Bizarre tax deductions to brighten your tax day

Many people are loading up to fire some strange tax write offs at the IRS this tax season. Whether it is sperm donations or some other less than savory "business" expenditure, don’t expect such things to go undetected. Do not take these as examples, but marvel at the ingenuity – or laziness, or lunacy – that went into these crazy attempts at tax deductions. Source for this article – Bizarre tax deductions to brighten your tax day by MoneyBlogNewz.

Not business expense

Dallas CPA Ken Sibley told Bankrate of one client – a minister – who attempted to claim travel and entertainment expenses as tax deductions. Evidently, the minister was looking for real estate investment properties however never found his promised land after years of trying. Hence, it could not qualify as business expenditure.

Wedding expenses don't count

Even if you are using business travel and entertainment expenditures, you can never deduct wedding expenditures. Massachusetts CPA explained that it isn’t business expenditure, even if clients are attended. And remember: your betrothed isn’t a charity, so there’s no way you could count wedding expenditures as charitable contributions, either.

Recover over 30 years time

There was business manager who purchased a $2 million office building, according to a New Jersey CPA Don Meyer. The business manager was planning on deducting it as business expenditure in that tax year. The recovery would take over 30 years to get. This was what Meyer told the man. Even a suitcase full of money and an ominous admonition to "make it work" couldn’t change the tax law.

Do not try to count a dog

Business expenses are tax deductions at home. This does not contain pets for security though. Home security systems in general don’t fly with the IRS, either, claims the Hunter Group of Fair Lawn, N.J. One client tried to declare a security system under the rationale that if her home was invaded and she was slain, she’d no longer be able to pay taxes.

Deducting adult magazines won’t take place

Dues and subscriptions for professional and trade publications may be listed as tax deductions, so long as you are a professional in an approved field. According to Quizlaw, these would go under miscellaneous as long as the 2 percent floor rule is met. This means it must account for 2 percent or more of the adjusted gross income.

Business strategy for a self-employed real estate agency should not consist of adult magazines in business deductions. A Massachusetts CPA Explained this isn’t something you should be doing.

Once, Don Meyer had a prostitute client. That was different. Declaring her income was important to her. She said her job was in "public relations."

Articles cited

Bankrate

bankrate.com/finance/taxes/10-craziest-tax-deductions-for-2011-1.aspx

IRS

irs.gov/businesses/small/article/0,,id=204169,00.html

Quizlaw

quizlaw.com/federal_income_tax/can_i_deduct_dues_and_subscrip.php

On deducting haircuts and sperm donations

youtube.com/watch?v=uW6HWOekZ3M