“If a stripper gets breast implants can she write it off on her taxes as a business expense? Save money on your Tax Liability Bill!!

 

 “If a stripper gets breast implants can she write it off on her taxes as a business expense?”  By definition she could, as she could be classified as “FREELANCER”. According to Freedicitionary.com, the meaning of freelancer is: A person who sells services to employers without a long-term commitment to any of them. In the case of a stripper, her commitment is what? an hour? It is definitely not a long-term gig.

    What about you? Are you by definition a Freelancer? Or perhaps a small business owner? If the answer is yes, did you know that there are significant tax deductions available to self-employed people and small business owners? So what having significant Tax Deductions mean to you? It could mean that YOU could be saving $$money$$. (Try to save some money by following this tips)

   So what is a Tax Deduction anyway? The definition of Business Expense is the cost incurred in order to run your business, is the cost of carrying on a trade or business. It needs to be “ordinary and necessary” for your trade and profession.   And trust me, “It's not hard to meet expenses, they're everywhere”. Tax Preparers   say  that as a self employed or as small business owner you need to keep track of every receipt because it could help with you with your TAX Liability.

      So how does it work? For example, Lets say you pay about $ 1500 for 1 bedroom apartment  (it’s in a great area with a large walking closet and a huge living room), and you also decided to start an online business. You decided to sell Star Wars lunch boxes on eBay, since you hate traffic and the costs incurred in paying a storage facility for your merchandise is way too high, you decided to use your large walking closet and part of your living room as your storage facility, which by combining them both, they take about 30% of your rental.  So what happens in terms of Tax Deductions, well 30% of $ 1500 is $ 450, what this means you have $ 450 as Business Expense.- Add that to your Tax deductions tally. What about your Internet connection? This could also be counted as Business expense. Lets say that you are using 20% for the posting and uploading of pictures to eBay so you are able to execute a sale, for you and your online store, is the only way for you to carry your business and don’t forget to include part of your cell usage, car payments, oil change, tires, utilities, etc.   Interesting right?  Imagine how many things could have been helping you on your Tax liability bill if you had only been informed.

  
     Also, as a Freelancer or small business owner, you should be issuing invoices or sign contracts with debtors as these documents suffice to prove the legal relationship. For instance, lets say one of your clients doesn’t pay. You could report your loss as a TAX deduction. If you are not putting your business relationships in writing, you should begin doing so immediately.

     So going back to our Stripper’s implants question. Are her added “tools” for her line of work candidates for Tax Deduction? Well, technically the answer is yes, just ask  Chesty Love, who made Tax Law History when she successfully sued the IRS to take a $2,088 deduction on a boob job, under the basis that breast implants can be considered as a TAX DEDUCTION due to fashion wear.  But remember, one of the things that you need to keep in mind as you are adding your deductions tally is: Don’t FUCK with the IRS, however, that doesn’t mean you can’t be creative.  

My best advice is when it comes to Taxes is best to understand all the rules before you take any action, better yet work with the professional.

Here are some deduction suggestions:

1.    Home office

2.    Furniture

3.    Capital Expenditures

4.    Start up expenses

5.    Software and subscriptions

6.    Hardware or other equipment

7.    Insurance Premiums

8.    Charity Donations

9.    Child labor

10. Retirement contributions

11. Social Security

12. Mileage

13. Telephone charges

14. Internet charges

15. Travel expenses

16. Entertainment and business gifts

17. Casualty losses

18. Fashion wear**

 
"this blog does not intent to provide with any legal, financial or tax advice, please consult to a lawyer or tax specialist"

For more information in Taxes and Tax preparation :


For more information on Taxes please contact:
OREM TAXATION LLC
www.bookkeepingcertified.com 
818-448 9622/R:310-360-7268

Sources
http://www.youtube.com/watch?v=b9_LfQ6Keec&feature=related

http://www.answers.com/topic/tax-deductible-business-expenses

http://www.businesstaxrecovery.com/articleupdates/dry-cleaning-tax-deduction

http://www.yelp.com/topic/walnut-creek-breast-implants-are-a-tax-deduction--so-why-not-lobotomies

http://www.irs.gov/businesses/small/article/0,,id=109807,00.html

http://www.thefreedictionary.com/Freelancer

http://www.imdb.com/name/nm0522297/