I stumbled across an interesting article recently called the 10 Wackiest Tax Write Offs of 2008. The author called them wacky--but upon reading the list, I thought some of the write-offs had some merit. Take the lawyer, for example, who wrote off a $50,000 deduction for a party he gave in which many of his former and present clients were invited. Certainly they were talking business while sipping on the finest champagne and eating filet mignon.
After careful thought I decided to create my own list to give my fellow baby boomers some ideas on how to stick it to Uncle Sam this year:
Single Boomer Business Owners: Here's your chance to claim a huge deduction as well as a happily ever after. Get re-married---preferably to another business owner--invite every customer you've ever dealt with (including those who got on your last nerve), talk a little shop at the reception and then write it off as a business meeting. The key here is to make sure you come in contact with each and every client you ever dealt with and say something about your business dealings with them. This would also be a grand opportunity to make more deals.
If you get more than one speeding ticket in the year, write it off as a donation to the Highway Patrol Benevolence Fund.
You've got a dog--which is technically your dependant. Your dog just had a little of pups and they all live with you. Wah-la!
Prostitution: For all of you Cougers out there: Your body is considered business property so why not claim a deduction for depreciation of value.
Got any more suggestions to add to this list? Please share, and be sure to click on the title of this blog post to read the Ten Wackiest Write-Offs of 2008.