Thinking outside the box.
by Rachel Ivanovich
Believe it or not, people ask me this question all the time! I think it’s in our nature to push the envelope a little bit, especially when it comes to filing taxes.
Hey, come on, you say, I must look professional for my job! Why can’t I write off my Gucci purse and Jimmy Choo shoes? Haircuts are expensive, can I deduct those too?
It boils down to ordinary and necessary business expenses.
That being said, as an accountant, you wouldn’t expect me to need a dog to run my business (although our office dog, Frank, certainly makes the day more enjoyable!).
So, if you don’t have a business yet, it’s time to start one (we can help here too!).
What is ordinary and necessary, you ask? It’s basically any expense that a person with half a brain would expect to be required to run their business.
However, if I were to own a large nursery and bought a guard dog to patrol day and night in order to keep people from stealing my plants — aha, now we’re talking! Hello deductions of food, vet bills, etc.
So, the next time you’re wondering how you can write off those classic cars you keep wanting to buy, re-frame your thinking to a new business mindset…and then call our office!
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