Tags: tax | deductions | dog | mortgage

Think Twice Before Taking Tax Deductions for Your Dog, Toupee

By    |   Thursday, 13 March 2014 11:28 AM

As tax season approaches, many taxpayers look for way to reduce their tax burden.

Bankrate.com lists several farfetched ideas for tax deductions in the past that you might want to avoid.

• Christopher Arunkumar, an accountant with Breakpoint Assurance in Princeton, N.J., told the news service of a bizarre inquiry he received related to Superstorm Sandy of 2012. "One woman called in asking if she could take a tax deduction for some expensive trees around the house that she lost," he said.

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"Another caller whose barbecue grill flew away in the storm wanted to know if he could take it as a theft loss."

• Howard Rosen, a principal with Conner Ash CPAs in St. Louis, dealt with a strange pet-related request. "A client wanted to deduct the cost of her 'guard dog' and its care for her in-home art collection," he told Bankrate. "When I asked if she had a picture of the 'guard dog,' she showed me a photo of her Pomeranian. Needless to say, we didn't take the deduction."

• Joe Marchbein, a principal with Jack P. Fitter, CPA in St. Louis, had a client who is a dentist ask to write off the expenses for purchasing and cleaning his toupee. The client's justification was that his balding head had a scar that frightened his clients who were children.

Daily Finance offers several more conventional ideas for tax deductions.

That includes mortgage interest, education expenditures, charitable donations and individual retirement accounts (IRAs). As for IRAs, you can still make a contribution that you deduct from your 2013 taxes up until April 15.

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As tax season approaches, many taxpayers look for way to reduce their tax burden.
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2014-28-13
Thursday, 13 March 2014 11:28 AM
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