Tax deduction fails
February 9, 2016 12:59 PM
Tax Deduction Fails
Here are the most outrageous, real life tax deductions clients tried to take on their tax returns, according to a survey by the Minnesota Society of Certified Public Accountants of its CPA members in public accounting.
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Tell Us Your Stories.
Share your outrageous tax deduction requests with
Financial Planning
On Wall Street
Bank Investment Consultant
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).
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.
Gambling Losses
Unfortunately for one client, gambling losses didnt qualify as a charitable donation to casinos or the Minnesota State Lottery.
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.
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.
A Wedding to Remember
A client wanted to deduct part of his wedding costs because more than half the guests were business-related contacts.
Keeping Yourself Rejuvenated
Botox, tanning, nails and the like do not qualify as acceptable deductions.
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.
