It's Tax Day... And No, You Can't Write Off Your Dog Food
So did you get a refund or are you paying taxes this year? Rob Lucas got minimal refunds, he barely noticed them when they went into his account! Producer Erika got a refund that she immediately used to pay off her NYS taxes!
This year, accountants are warning pet owners not to claim their dogs as dependents! Dallas CPA F. Howard says, "I had a guy come in one time wanting to know if he could deduct the cost of his dog food. His reasoning was that his dog was security for his house, therefore the dog food became a security expense. I kind of liked that one. The IRS loves that stuff."
Some Americans are trying to deduct their weight loss programs from their taxes. A woman cannot deduct her breast enlargement surgery from her taxes unless it was done for medical purposes. Some exotic dancers try and claim their breast implants as business expenses.
BUT you can write off your boyfriend/girlfriend. CNN claims boyfriends and girlfriends can now be claimed as dependents. In order to qualify for a tax break, the boyfriend or girlfriend must live with you and earn less than $3,900 per year. You must pay for more than half of their expenses and they can't be claimed as a dependent by someone else.
A study by the Tax Foundation reveals that the average American must work 114 days before being able to afford their tax bill. Other findings:
- Americans will pay $5 trillion in taxes this year.
- Americans will spend 46 days paying off their federal, state and local income taxes.
- Americans will spend 26 days paying off sales and excise taxes.
- Americans will spend 11 days paying off property taxes.
- Americans will spend 9 days paying off corporate income taxes.
- Americans will spend 7 days paying off estate and inheritance taxes