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More Outlandish Tax Deductions that are Legal
Thursday, September 10, 2015

Basically no one likes talking about taxes or if they owe anything extra to the Internal Revenue Service (IRS). While April and filing an individual tax return are long gone, being up to date on taxes and tax returns is important. So why are taxes suddenly so important if Tax Day 2016 isn’t for another seven months? Well, those who are filing for federal estimated income tax have another payment due to the IRS this month.

Consequently, tax lawyers have themselves busy year-round because of the steady payments being due. Rather than attempting to wade through all of the forms available online — there is such a thing as an overabundance of information — contact the group of tax attorneys at Wolterman Law Office to assist you in Individual Tax Planning or Corporate Tax Planning. However, if you rather tackle the IRS and filing your estimated income tax on your own, outlined below are a few tax deductions you should be aware of.

Making a move? — Sorry, Fido doesn’t count as a dependent. And neither do any other types of pets for that matter. However, if you’ve had to move or relocate recently because of a job, and your furry (or reptilian or amphibian) friend moved with you, you’re able to deduct those moving expenses, which include moving your pet from your previous address to your new residence. Do know this if you’re filing for this particular tax deduction: These expenses count as tax deductions above-the-line. This means they reduce your adjusted gross income (AGI) and can be taken whether or not you itemize. Don’t expect too much out of this tax deduction if your new job is a short drive or is only a few hours away from your current address; if your pet has to be shipped across the country, however, can be relatively expensive. Just you who’s moving? See IRS Tax Topic 455. Both you and Fido are the ones moving? See IRS Publication 521, Moving Expenses.

Everyone's gotta eat — While on the topic of pets, in certain (read: extreme) cases, pet food counts as a tax deduction. If you have a guard dog or other animal that protects your property — whether it is a business or a residential setting — some costs of caring for that animal are considered tax deductions, which include that pet’s food. The incident that led to this decision is thanks to a tax court case from 2000 where a couple who owned a junkyard argued the $300 they deducted for cat food was indeed legal, because it was a business expense. How so? The couple bought the cat food to attract stray, feral cats to their junkyard. These “guard cats” kept other intrusive creatures, such as snakes and rats, away from the junkyard. The junkyard was safer because the wild cats kept the other critters away, so the couple deemed it as a business expense. While the IRS didn’t initially agree with them, the courts did. Don’t believe us? See Seawright v. Commissioner. By the end of their tax deduction debacle, the IRS did see the logic behind cat food being a business expense. But if you’re considering pet food as a tax deduction, you don’t necessarily have to own a junkyard first. Just make sure you have a reliable guard pet.

Having been educated in several areas of the law, our attorneys are professional and accomplished in that they can help you understand tax laws and tax deductions. And yes, we can even help you determine which peculiar ones apply (and benefit) you so when Tax Day 2016 comes around, you’ll be able to sit back and relax.

If you need more information about our tax law services, or would like to hire us for taxation purposes, contact us at 513-488-1135 to arrange an initial consultation at our firm.





 
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