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Filers gone wild! 10 wacky tax deductions

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in Small Business Tax,Small Business Tax Deduction Strategies

Have you heard about the latest crazy tax deductions? How about the cholesterol deduction? The Willie Nelson write-off? The time machine? Or the stripper who bared her assets?

These tax tales are part of the fifth installment of Bankrate’s 10 craziest tax deductions. The stories are culled from the files of CPAs across the country, some of whom have understandably requested anonymity.

Keep in mind that the IRS won’t be laughing if you fail to file, falsely file, knowingly underreport or otherwise play fast and loose with your federal income tax return. Don’t try these outrageous tactics at home!

1. You should see his energy drink deduction

Some folks just can’t resist padding on a few extra miles to stretch their business mileage deduction (55 cents per mile for 2009). CPA William Miller of Chanhassen, Minn., has seen some road warriors in his time, but none compare to the client whose theme song could’ve been “On the Road Aga...(register to read more)

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