The Survival Podcast Forum

Finance and Economics => The Money Board => Topic started by: Hal Knights on February 11, 2018, 10:07:07 AM

Title: Interesting tax deductions
Post by: Hal Knights on February 11, 2018, 10:07:07 AM
TSP Community,

First off I am going to say up front that I am NOT a tax attorney or accountant, just a guy looking to get as many deductions on his filing as possible. So my question is, do you know of any interesting deductions that you've used or heard about that are legitimate.

Here are two cases I've found that might be relevant to this community, but there are lots more out there.

There was a case that went to tax court of an ostrich farmer in Louisiana’s St. Tammany Parish that depreciated his ostrich, which is allowed as long as the birds are used for breeding purposes. Obviously, most of you full time farmers out there probably understand that this falls under the category of livestock, but you may be able to use this if you're a small homesteader...again, check with your accountant/tax attorney https://www.irs.gov/publications/p225 (https://www.irs.gov/publications/p225)

Another interesting case was outlined in an efile article...Is cat food deductible?

Answer: Yes, under certain conditions the cost cat food might be considered a legitimate deductible expense. A junkyard owner bought cat food to attract local stray cats in order to drive away mice and rats. He claimed it as a business expense and it was approved by the IRS. The average house cat will likely not qualify because the cat would need to perform some task associated with the upkeep of a business.  https://www.efile.com/legitimate-tax-breaks-and-unusual-extraordinary-qualified-tax-deductions-and-tax-exemptions/ (https://www.efile.com/legitimate-tax-breaks-and-unusual-extraordinary-qualified-tax-deductions-and-tax-exemptions/)

Looking forward to your thoughts.

-Hal