Outrageous Tax Deductions! - KTUL.com - Tulsa, Oklahoma - News, Weather & Sports

Outrageous Tax Deductions!

Posted: Updated:

Tax day is little more than a month away. And right about now, many Americans are searching frantically for deductions. Some get more creative than others.  

Exotic dancer Chesty Love was on the Jerry Springer Show claiming her breast implants are deductible.  She fought the IRS and won.  The U.S. Tax Court ruled her breast implants were a stage prop that boosted her income, and therefore deductible as a business expense. "My breasts are very much a part of my job", says Love. "My salary as a dancer went up in direct proportion to the size of my chest."

No matter how offbeat the profession, the tax code encourages us to earn money so the IRS can collect more.   Business expenses can take many forms. There's the case of the junkyard that was infested with rats and snakes. The owner deducted the cost of cat food he put out each night to attract felines to take care of the pests.
     
Criminals are supposed to report their income from illegal activities. IRS publication 17 says it goes on form 1040, line 21. So, criminal enterprises are allowed to deduct the cost of business expenses--  like buying guns!

As accountant Evan Snapper puts it, "A drug dealer should, under the regulations, report the costs of his inventory -- the drugs that he is purchasing for resale, the cost of the guns to protect the inventory, the costs of the suitcases to carry it.  You would put all that on a tax return."  
 
After all, it's the law.

Click here for a list of tax deductions you shouldn't even think of claiming.

(Source: CNN)

  • NewsMore>>

  • Hit & Run Suspect Due in Court Wednesday

    Hit & Run Suspect Due in Court Wednesday

    A man accused of leaving the scene of an accident that injured a Broken Arrow High School athlete is due for arraignment Wednesday afternoon.More >>
    A man accused of leaving the scene of an accident that injured a Broken Arrow High School athlete is due for arraignment Wednesday afternoon.More >>
  • City Councilor Sued For Defamation

    City Councilor Sued For Defamation

    Massage parlors are places where people go to relax, but two Tulsa venues are now at the center of a very tense lawsuit."Something not OK is happening inside these walls," said Tulsa city councilor Blake Ewing.It was back in March, when the Tulsa city council heard an appeal on a nuisance complaint."Does a person who has been subjected to a nuisance complaint have a right to say I didn't do that?" said Attorney Tony Mareshie, who was there on behalf of the owner of All Hands on Massage and th...More >>
    Massage parlors are places where people go to relax, but two Tulsa venues are now at the center of a very tense lawsuit."Something not OK is happening inside these walls," said Tulsa city councilor Blake Ewing.It was back in March, when the Tulsa city council heard an appeal on a nuisance complaint."Does a person who has been subjected to a nuisance complaint have a right to say I didn't do that?" said Attorney Tony Mareshie, who was there on behalf of the owner of All Hands on Massage and th...More >>
  • Authorities Seek Adair Co. Murder Suspect

    Authorities Seek Adair Co. Murder Suspect

    The Oklahoma State Bureau of Investigation is offering a cash reward for anyone who can provide helpful information as they try to locate James Manken, a 40-year-old homicide suspect.More >>
    The Oklahoma State Bureau of Investigation is offering a cash reward for anyone who can provide helpful information as they try to locate James Manken, a 40-year-old homicide suspect.More >>
Powered by WorldNow

P.O. Box 8 Tulsa, OK 74101-0008

Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and KTUL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.