Exotic dancer Chesty Love (you can't make this stuff up!) wrote off the expense of having her breasts enlarged. She claimed it was a business expense since a bigger bust-line would equal bigger tips.
The IRS agreed, declaring that her enhanced chest was a stage prop essential to her act. Seriously.
We've had a little fun with this topic, but the truth is that taxes are no joke. This tax season be sure you pay your fair share but not one penny more. Start by making sure you take every single deduction to which you are entitled.
Nationwide, 4.1 million taxpayers missed taking education credits and deductions, and 7.3 million taxpayers missed claiming the Earned Income Tax Credit, and it goes on and on.
When you do take them, make sure your tax deductions are airtight. Finally, before you file, be sure you have accounted for these important 2010 tax law changes.
The IRS is just like any sporting event with rules. You take advantage of rules by pushing them to the limit. If rules permit it, then let's play on. The problem is one has to make a bunch before the rules really can be exploited sufficiently.
And insisting on higher income after stage prop enhancement is not part of the rule. We are talking self employment and there is no guarantee that a particular business investment must yield increased income. If such were true, we'd all be looking for such an approach.
