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10 Crazy Tax Write-Off’s for Small Businesses

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However, there are relatively little known crazy tax write-offs the IRS has allowed for small businesses in the past. To give everyone a chuckle, this article highlights these little unique write-offs.

 

  1. Swimming Pool – If a swimming pool helps a medical condition, the IRS considers this a tax write-off.
  2. Private Plane – If used for business purposes, the IRS will allow a private plane, including fuel, costs and depreciation to be a tax write-off.
  3. Ostrich – Once an ostrich farmer depreciated his ostrich, which is permitted by IRS regulations provided it is used for breeding purposes.
  4. Body Oil – Bodybuilders can write-off the cost of body oil as long as it is used in competitions.
  5. Beer – A business owner once used beer to help attract customers as a marketing promotion. He was able to write this off as a business expense.
  6. Amish Buggy – Buggies can be a write-off, which may include kick plates, speedometer, windshield and brakes.
  7. Deadbeat Friends – If money is loaned to deadbeat friends and they do not pay their debts back, this too can be a tax write-off.
  8. Losing Weight – Any expenses that relate to losing weight, including healthy food, gym memberships, etc., can be written off with doctor’s prescriptions and orders.
  9. Arrows – If a company buys arrows, they can write them off at $0.46 per arrow.
  10. Designer Landscaping – To help give companies more curb appeal, the IRS may accept write-offs for high-end landscaping and architectural design.

 

As always, businesses should contact their tax professionals to confirm the above information.

 

Tax write-offs can save companies a substantial amount of money, allowing them to take out less money in loans, ultimately saving them additional money. Businesses can also speak to their tax professional about writing off any loan fees and/or interest related to business-related loans.

 

References:

http://www.veteranstodaymoney.com/2015/04/10-tax-write-offs-small-business-owners-should-know-about-2/

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