Special Report: Tax Deductions

Happy New Year! This time of year is my favorite because not only do you see lots of people at the gym that you've never seen before but it's also tax season! Now is the time to start looking forward to your tax refunds! Office Knight and I have a tax deduction guide book whose thickness rivals that of a phonebook. It is important to note, however, that you can pay some dude roughly $200.00 to do all this for you and do a better job. This is the route I take but before I try to write things off that could get my ass tossed into a white collar, minimum security joint, I peruse the pages of this book and along the way I found some really ridiculous things.

Here's the the thing about rules and policies...They're usually an outgrowth of actions or questions that need not be repeated. Please keep this in mind as we review some really awesome tax deduction guidelines.

5) Swimming Pools: It is often difficult to obtain a medical deduction for the installation of a swimming pool.

My important commentary: Who tried to write off their pool?! Did they try to write off their speedo and pina colada as medically necessary, as well? If there is a letter about this on file I want to see it RIGHT NOW!

4) Work Clothes and Uniforms: You can deduct the cost and upkeep of work clothes if the following two requirements are met.
1. You must wear them as a condition of your employment.
2. The clothes are not suitable (polite for really lame) for everyday wear.

CAUTION: Some outfits get made fun of here.

Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, healthcare workers, law enforcement officers, letter carriers, professional athletes and transportation workers (air, rail, bus etc.).

My important commentary: For all y'all that wore your mail-man uniform out to the bar to look cool...even the IRS thinks you look like an idiot.

3) Kidnapped child: You may be eligible to claim the exemption for a child even if the child has been kidnapped.

My important commentary: Anyone else feel that a MAJOR POINT has been missed here. So your child goes missing for a whole tax year and your busy "double checking" to see if it's okay that you claim your child as a dependent despite the fact that the child has been "living" elsewhere...i.e some scary-ass, mildew-y basement.

2) Wristwatches: You cannot deduct the cost of a wristwatch, even if there is a job requirement they you know the correct time to properly perform your duties.

My important commentary: NICE TRY! And by the way, I'm not sure if I know of any job where not knowing the time doesn't really matter.

LAST BUT CERTAINLY NOT LEAST...

The following may be included as medical expenses on a Schedule A

1) Wigs: A wig, if it is essential to your mental health and not just for enhancing your personal appearance.

My important commentary: Can anyone say SUBJECTIVE? Who got this one passed, Dolly Parton?

I hope this information was helpful. Tootles!

oh and these guidelines were compliments of The Earnst & Young Tax Guide 2006.