10 craziest tax deductions for 2011
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Editor’s note: This is a transcript of the audio file.
Tax time lends itself to the occasional crazy deduction. In the spirit of what not to claim, I’m Janet Stauble with the Bankrate.com Personal Finance Minute.
Weddings are nondeductible fairy tales that people try to report as a travel and entertainment expense. Hey, maybe you invited some clients? A Massachusetts CPA said that one of his clients couldn’t understand why his big day couldn’t be a big deduction.
Another CPA told us about a state trooper who listed his haircuts as a deduction. After all, his job required him to keep his hair short. But as the CPA pointed out, most employers also require daily bathing, but you can’t deduct the soap.
Let’s not forget about the gentleman who wanted a tax deduction for his donation of sperm to the sperm bank. His reasoning was that his sperm was so valuable to humankind that he should be able to take a tax deduction for it.
In other instances, a real estate professional tried to deduct some of his personal subscriptions to adult magazines. And a call girl told her accountant she was in public relations.
To find other crazy deductions and learn new tax tips, visit Bankrate.com. I’m Janet Stauble.