Throughout the years, people make bizarre, but legitimate tax deductions. With just weeks away from income tax deadlines, we thought we’d share some of these stories.
If you’re facing any tax issues, allow our Colorado tax law firm to give you peace of mind with aggressive representation with our sterling knowledge and experience in tax law.
– Shed those pounds and write it off
Take a deduction if you need to lose a few pounds, lower your blood pressure/ cholesterol or improve your heart rate if you face the possible risk of dying. Once your doctor signs a statement, you can deduct the cost of any remedy needed to improve your health. The same goes for the cost of programs to quit smoking, nicotine patches etc.
– No hope of collecting a loan you made?
That cash you loaned to a friend or relative can be deductible if there’s no hope of ever being repaid.
– Travel the world and claim the deduction
A couple traveled the world for six months taking photographs and writing about their experiences along the way. Because they published a book on their travels and sold 20 copies, they argued they could deduct the trip as a business expense. They won their case.
– Plan a Business Conference in the Caribbean
You can deduct your company’s next conference even if there’s no particular reason to do business at that location. Warm, sandy beaches anyone?
– Surgery for weight loss
In 2002, the IRS ruled that obesity is a medical disease allowing specific treatments such as bariatric surgery deductible. Treatments qualify for a medical deduction, (unreimbursed expenses exceeding 7.5% of your adjusted gross income).
– Fishing trip
Investment brokers took some clients on an expensive deep-sea fishing trip. They argued it was difficult to convey great wealth and profits without impressing their clients. They discussed business while on the trip. They also won their case.
– Playing a clarinet may qualify for a medical expense deduction
In 1962, a provision was added to the IRS after orthodontists argued that playing a clarinet can help with a child’s overbite.
– Criminals claim tax deductions for their legal defense
In a weird twist of irony, criminals are required to pay taxes on their illegal capital gains. If caught, they may be able to write off their legal defense.
– Deduct that tree in your backyard
If you live in Hawaii and happen to have a Norfolk Pine growing on your property, you can deduct $3,000 to maintain the “exceptional” tree.
– Build a pool in your yard
One man successfully won his case against the IRS when he built a pool in his back yard. He claimed no one else in his family used the pool. He built the pool as a necessary medical expense when his doctor ordered him to improve his health (he had emphysema).
Tyler Murray received his Tax L.L.M. at University of Denver, College of Law. Tyler is an experienced Colorado Tax Attorney and is very active with Colorado Bar Association Tax Section, where he serves as editor of their newsletter, and as a Co-Chair of their Pro Se Taxpayer Clinic. Tyler currently sits on the Executive Council of the Tax Section in the position of Treasurer.
An experienced Tax Law Firm specializing in this area can help with all your IRS issues, including audits, income tax, tax planning, tax extensions, IRS negotiations and settlements, IRS debt resolution, claims for refund, amended tax returns, criminal tax issues, failure to file taxes, income taxes, offers in compromise, IRS investigations, and more.
Tyler Murray, LL.M, of the Gantenbein Law Firm, is a licensed Denver, Colorado Tax attorney, servicing all of Colorado. Along with being a licensed lawyer, Tyler Murray has a Masters in Law in Tax. If you are facing a tax audit, tax appeal, or other tax issue, or need professional assistance with your Colorado tax planning, contact experienced Denver tax attorney Tyler Murray at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you.
Gantenbein Law Firm practice also includes Real Estate Law, Tax Law, Foreclosure Defense, Business Formation & Representation, Business Law and Family Law. This combination is exceptional in that it provides our clients a complete and full perspective of the most common issues surrounding your unique assets.
Please visit our website for more information: www.gantenbeinlaw.com