Most Outrageous Tax Deductions of 2016
January 8, 2016 5:17 AM
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Expensive Clothing
We all like to look nice, especially for business purposes. But youre expected to arrive to work fully clothed (looking nice is a bonus).
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Baby Grand Piano
A client, who was a humanities professor, thought he could deduct a piano. Unless the professor was providing lessons as part of a small business, this was not an acceptable deduction.
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Gambling Losses
Unfortunately for one client, gambling losses didnt qualify as a charitable donation to casinos or the Minnesota State Lottery.
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Foot Powder for Smelly Feet
Not stinking up the office doesn't qualify as a tax write-off.
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Business Boat
One client wanted to depreciate the cost of a large boat because it was used occasionally for client entertainment. You better set sail on that idea.
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Valleyfair Season Tickets
Unfortunately, amusement parks dont qualify for a day care deduction.
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Cat Food and Litter
Your cats may be used to keep mice out of the barn, but their bare necessities arent deductible. In general, pet expenses arent deductible.
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A Wedding to Remember
A client wanted to deduct part of his wedding costs because more than half the guests were business-related contacts.
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Keeping Yourself Rejuvenated
Botox, tanning, nails and the like do not qualify as acceptable deductions.
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Commuting to Work
You can get mileage reimbursement either through your work (if offered) or the government for mileage incurred while on the clock and for business purposes, but driving to and from work is not going to stick.