PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Ingenuity Marketing Group

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Minnesota Society of Certified Public Accountants Releases Annual List of Strange Tax Deductions - These top 10 strange tax deductions claimed by taxpayers don't typically hold up with the IRS, but may still be debated due to individual circumstances and complex tax laws. Just be careful. It could delay a refund or result in penalties
Minnesota Society of Certified Public Accountants Releases Annual List of Strange Tax Deductions

 

NewswireToday - /newswire/ - Saint Paul, MN, United States, 2011/01/20 - These top 10 strange tax deductions claimed by taxpayers don't typically hold up with the IRS, but may still be debated due to individual circumstances and complex tax laws. Just be careful. It could delay a refund or result in penalties.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Consulting/Market Research Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

The Minnesota Society of Certified Public Accountants (MNCPA) surveyed its CPA members about some of the strangest tax deductions that taxpayers have proposed claiming.

“The proposed deductions get high marks for creativity,” said Minnesota Society of Certified Public Accountants Chair Jim Eichten. “However, the items making the list likely would have raised red flags with the IRS and state revenue departments, potentially delaying refunds and possibly resulting in penalties.”

Federal tax law changes will impact many taxpayers for 2010, especially anyone who has a life or work situation that goes beyond the norm of W2s and standard deductions. “Deductible expenses aren’t as simple as checking a box. Now more than ever, it’s important to get tax advice from a certified public accountant, someone who studies tax law year-round and knows your unique situation,” added Eichten.

Given the complexity of individual circumstances and tax law, some of these deductions may have passed muster in an IRS audit. However, in most cases, these items are not normal deductions.

1. Entertainment expense? An over-the-road truck driver wanted to deduct the cost of female companionship while traveling.
CPA advises: No, unless she is employed to drive the truck.

2. Contracted services? The cost of a tattoo on the client’s derriere.
CPA advises: No, even if it is advertising-related, it’s difficult to make the case based on where it’s located.

3. Protection services? All the expenses associated with a dog, because it served as the owner’s security system.
CPA advises: No, the only legitimate pet deductions are limited to people who make their living as breeders.

4. A home office? A corporate executive wanted to deduct 60 percent of the exec’s home as an office, when almost no business activity occurred at the home.
CPA advises: No, because the home is not used for a legitimate business.

5. Dependent? A woman wanted to claim her spouse as a dependent.
Tax advice: No, only children under the age of 18 and adults with severe disabilities can be claimed as dependents. A taxpayer's spouse is never the taxpayer's dependent. But the taxpayer may be entitled to an exemption for the spouse under certain circumstances.

6. Entertainment expense? A realtor who sells lake property wanted to deduct the full cost of a personal pontoon boat.
Tax advice: No, although the realtor could deduct reasonable costs for entertaining prospective clients on the boat such as food and fuel.

7. Business expense? A doctor wanted to deduct his hair styling costs, including hair dye.
Tax advice: No, maintaining one’s appearance is not tax deductible except in some rare cases such as performers.

8. Business expense? A woman in sales wanted to write off the cost of hair care, manicures and jewelry because she needed to look good.
Tax advice: No, again looking good does not qualify as a tax deduction.

9. Cost of living? A client thought it was acceptable to claim personal living expenses including utilities, auto insurance and gas.
Tax advice: No, you can’t deduct personal living expenses, only expenses legitimately connected with running a home-based business.

10. Charitable donation? A client wanted to take a substantial deduction for used designer suits donated to a charity.
Tax advice: No, charitable donations must be itemized. For big-ticket donations like this, the IRS wouldexpect to see a qualified appraisal of the goods donated.

The Minnesota Society of Certified Public Accountants (MNCPA) serves the public interest by advancing the highest standards of ethics and practice within the CPA profession. MNCPA (mncpa.org) delivers on that promise by offering extensive continuing professional education and resources; advocating for members and the public with regulatory agencies and boards; and mentoring and encouraging the CPAs and business leaders of tomorrow. Founded in 1904, MNCPA’s 9,400 members work in public accounting, business, industry, government and education.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Consulting/Market Research Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Ingenuity Marketing Group

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Consulting/Market Research articles,
CATCH Visitors via Your Competitors Announcements!


Minnesota Society of Certified Public Accountants Releases Annual List of Strange Tax Deductions

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Christine Nelson - IngenuityMarketing.com 
651-690-3358 christine[.]ingenuitymarketing.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Ingenuity Marketing Group securities in any jurisdiction including any other companies listed or named in this release.

Consulting/Market Research via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Ingenuity Marketing Group / Company Profile


Read Consulting/Market Research Most Recent Related Newswires:

CulturePro Consulting and Inloso, LLC Announce Joint Venture
Kantar Unveils A New Corporate Identity Across its Operating Brands - Announces Launch of Two New Operating Brands
Kantar Unveils A New Corporate Identity - Launches Two New Operating Brands
Kantar and ComScore Expand Behavioural Data Partnership to North America
Frost & Sullivan Partners with Vaahika Under the ‘Companies to Action’ Program
Kantar's TNS Takes Full Ownership of TNS ICAP in Greece
TNS Takes Full Ownership of TNS ICAP in Greece
California Energy Commission Selects Energetics to Develop Research Roadmap
GroupM Launches LIVE Panel Connecting with Multiple Data Sources Across Kantar
Asia Transformationand Turnaround Association Partner with Institute for Turnaround
FTI Consulting Launches Expert App Version 1.2 for Smartphones and Tablets
Report Xplore Publishes Wood Coatings Market in Europe 2015-2019
Kantar Participates in Joint Initiative to Boost Transparency in Online Research
Two Energetics Publications Win Society for Technical Communication Awards
Charles River Analytics Develops Virtual Environment-based Training Tools for US Navy

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)