For those off us procrastinators who still haven't filed. A little levity for a change.
10 Craziest Tax Deductions for 2011
Behold Bankrate's sixth installment of the year's craziest, laughably outrageous, utterly true tax deduction tales, culled from the seasonally imbalanced minds of certified (if not certifiable) public accountants from across the land, some of whom requested anonymity.
Ah, the evergreen home security system ploy. We've seen legitimate home businesses try to claim their dogs and even cats as a security expense. Me-ow! But the Hunter Group in Fair Lawn, N.J., reports that one client had a personal stake in her home security system.
"One client tried to write off the cost of her home security system. Rationale? If the client's home was burglarized and she was killed, she could no longer pay taxes."
Home office deductions continue to entice would-be tax evaders. The rule: Improvements to the office portion itself are deductible; improvements to the rest of the house may be reimbursed based on the percentage of total square feet devoted to the office.
"The most troubling return was a lady that was self-employed who demanded that she get to deduct more than $30,000 she had paid in remodeling her home," says Sibley. "The only trouble was, the area that was remodeled did not include her actual home office."
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