Tax Deductions

Have you done finished your taxes yet? I have an appointment to see my accountant this weekend to get everything done as soon as possible!
My accountant is REALLY great! She gets everything done quickly and efficiently! Did I mention that she is my cousin? Almost every single person in my family is an accountant. My mom, aunts, cousins…everyone- except me! I have never been good at numbers 😦

One thing that I have learned about taxes though are the benefits of tax deductions/tax write offs!
I personally never have been able to deduct much, maybe when I was going to school but that is about it. Maybe I can deduct my pens and calender? Dry cleaning?

TAX DEDUCTIONS
“Income tax systems generally allow a tax deduction for various items, especially expenses incurred to produce income. Often these deductions are subject to limitations or conditions. Tax deductions generally are allowed only for expenses incurred that produce current benefits, and capitalization of items producing future benefit is required, sometimes with exceptions.”- Wikipedia

Those that have their own business such as Make-up artist,  Lena Hanson, have to deduct items such as the make up, brushes, and all things that help her business.

There are some professions that have pretty interesting write offs/ deductions as seen below. Remember when you are preparing your taxes, double check, there might be things that you CAN deduct!

http://i.cdn.turner.com/cnn/.element/apps/cvp/3.0/swf/cnn_416x234_embed.swf?context=embed&videoId=us/2011/03/01/chernoff.unusual.tax.deduct.cnn

2 thoughts on “Tax Deductions

  1. Patrick says:

    So you are treating for ice cream when your big tax return check arrives, right?

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