The No Fly Zone of Tax Deductions

As accountants go, Rocco – my CPA for the last 23 years – is fairly conservative when it comes to tax deductions. In full disclosure, he’s not very creative regarding potential write-offs, which is why he probably became an accountant.

He went out on a limb last year and bought a candy apple red Corvette which sits quietly in his garage under a tarp. He only takes it out when the temperature is above 60 degrees and the sun is out in full blast.

Again that’s why he most likely opted for a career as a CPA. His idea of taking a chance is to drop $5 in a slot machine which hopefully, will last all night.

So as a result my return is pretty plain vanilla – no surprises or outrageous refund claims. But each year, I inevitably stumble across an article that chronicles some of the more outlandish attempts at tax deductions.

And 2015 was no different.

As incredible at some of the below mentioned attempts are, I still find it hard to beat one I encountered a number of years ago when a former colleague of mine attempted to write off a $5,000 mink coat with the explanation that she attended a number of work-related social events and had to make a stunning appearance.

For those keeping score at home, it didn’t fly with the IRS. She became the unwelcome recipient of a full-blown audit.

Okay so you pick your favorite from last year’s filings.

1. A wedding. Seems that half the guests at the affair were claimed as business-related clients. The bride said “I do,” but the IRS said “I object.”
2. Season tickets to a local amusement park.  A couple attempted to claim the deduction as day care expenses. Apparently rides on the carousel or loop-de-loop didn’t fly.
3. A baby grand piano. I can’t even begin to explain this one. Struck a sour note with auditors.
4. A boat. Seems the owner was fond of taking it out to entertain business clients. The IRS informed him that drinks and dinner would suffice just fine.
5. A facelift and regular Botox injections to keep up appearances. Why not just sign up for membership at a health club?

But I’m wondering if I should perhaps become bolder as the other day, the postal truck backed up and smashed my mailbox to pieces? Do you think maybe?

I’ll ask Rocco but with his track record, I’m not all that confident.