14 extraordinary tax deductions

Some write-offs would never occur to most taxpayers, but that doesn't mean they aren't legitimate. These deductions, while unconventional, passed muster with the US Tax Court.

 of 16

VIDEO ON MSN MONEY

23Comments
Feb 10, 2012 2:43PM
avatar
What an unbelievable waste of time and money. It's time to do away with all of the "write-offs" and loopholes and the millions of tax dollars wasted to sort through all of this garbage. We need a flat tax with ONE standard deduction to protect those with low incomes. 20% with a 20k deduction until we can get our government to stop spending money as if they could just print more (which is exactly what they do) and then drop the rate to 10%. I know, it will never happen. The people we "trust" to make these sorts of changes are the people who benefit from the current system.
Feb 10, 2012 4:05PM
avatar
These are all legal. There's nothing wrong with claiming them if you can. 

BUT...these (all or at least most) should not be legal. We need to simplify the tax code. The tax system has become a way for those in power to reward or punish various types of behavior. The IRS has way too much power. 

And think of the waste of public money paying for the legal fight over each one of these.
Mar 29, 2012 4:36PM
avatar
As long as you have politicians you will have tax breaks for special interests. Get rid of everyone that has been in office 4 years and we can start correcting the problem. This goes from Washington to you local City officials. While on the subject Mayors should  be elected not appointed. What a bunch of bs that is.
Mar 29, 2012 11:35PM
avatar
Most of these deductions are way out of the average person's reach.  Yet another clueless writer who thinks everyone can afford a pool, plane or place in Bermuda.  Sigh.
Feb 10, 2012 4:50PM
avatar
How about this... I have a client that owns a business that basically breaks even every year.  The company pays for his health insurance and vehicle expense which becomes taxable income for his at the end of the year.  So on his W-2 he has that posted at his income (around 20K).  He has two children and qualifies for earned income credit (usually around 4K) resulting in a refund of 5-7K without paying any taxes.  Just for having his company pay for his health insurance and auto expenses.  Go figure that one out!  (His living expenses are covered by the inheritance left to him by his family),
Feb 10, 2012 2:59PM
avatar

All of these deductions can be taken by Romney, Newt and al.

 

I'm average, I don't take business meetings in Bermuda or own a plane.

Mar 30, 2012 9:24AM
avatar

How is the current tax a fair tax? so the wealthy and the poor pay the smallest percentage in taxes, so the middle class busts our butts and struggles with 30% income tax! Yeah fair is the word.Itshould be called abolish the middle class tax! Although if every average american would take advantage of the tax deductions the rich use they would change it!!...fast!

Feb 10, 2012 3:49PM
avatar

You have GOT to be kidding on some of these deductions!!

 

Feb 17, 2012 3:55PM
avatar
You can probably make up sh*t on your tax return and get away with it, as long as you have documentation.  This just proves how desperately need tax reform.  The current code is too full of attempts at social engineering, political pet projects, and subsidizing industries that offer the biggest campaign contributions.  If you want a tax break, you've got to pay to play.

Why can't taxes be just about collecting enough money to balance the budget, not solving all of our social problems and subsidizing certain industries?  The entire tax code should be 1-2 pages. All most of us want is for it to be simple (1 page return for most people), fair (everyone pays something), and progressive (those who ban afford the most pay the most).

Unfortunately, we'll never get it as long as the government is run by ultra-partisan Republicans and Democrats.
Mar 30, 2012 8:57AM
avatar

Abolish the IRS by implementing the Fair Tax now! Implemented via a national sales tax there are no deductions or credits to be concerned with. The bill is about 120 pages long replacing the 70,000+ pages of the current code. No federal returns to file EVER. The Fair Tax is in congressional bills HR-25 and S-13. It currently has 74 co-sponsors in the house and senate. Find out for yourselves at fairtax . org.

 

Mar 30, 2012 1:23PM
avatar
Maybe it time for a "tax or fee" on useless articles written or published. Most of these "ideas" or suggestion can never be used by the average person paying too much in taxes now!! Taxes will never go down as long a the government is not run like a for profit business.  Tax and  spend is all they know, as long as it not their money they will spend spend spend.  Too may cronies to change it too.
Mar 30, 2012 3:42PM
avatar
Barack Obama is introducing a new bill to the US Congress next week hoping to create a new "obama value meal" at McDonalds.

From what I understand you order anything you'd like off the menu and the guy in line behind you is stuck paying for it.

Feb 10, 2012 2:56PM
avatar
To much Patriotism is blinding. Then you're unable to use your critical thinking skills to decipher through the truths and lies.
Mar 30, 2012 3:39PM
avatar
TOm don't even get me started on earned income credits. My ex get 26k a year in child support (Free Money) and get paid on a 1099. Pays no taxes and gets an earned incoe credit larger than mine an I pa 20k in taxes. The tax code is a joke.
Mar 29, 2012 10:22PM
avatar
I "counsel" disgruntled married women who eventually go back to their husbands when they realize I'm not looking for a wife, thus, increasing the nation's tax base. Is the cost of the condoms tax deductible?
Mar 30, 2012 9:48AM
avatar
A Flat Tax can never work, as its fundamentally regressive, as it continues the 40 year trend of wealth redistribution towards the rich.  This hurts consumer spending, leading to less economic growth and higher unemployment.

A Sales Tax, if implemented properly, COULD work in theory, but one needs to remember that a sales tax is fundamentally unfair to new business [start up costs].

Easiest solution is what Huntsman proposed: Lower the rates by around 7-10%, but remove all deductions.  [ALL OF THEM; NO EXCEPTIONS].
Mar 30, 2012 2:08PM
avatar

Wait a minute......ways NOT to pay taxes on MSNBC?

Don't liberals want more and more things from government? How can government provide if they don't have the revenue stream?

Are there liberals who try to limit the amount of taxes they pay? I can't believe it!!!!!

Just another example why liberal thinking is flawed.

Feb 10, 2012 3:40PM
avatar
Independent_Bill needs to stop speaking for "our rights" and "our goal". My goal is for ideologues like him think first about the problem before he has an answer. That in deed would be conservative. Rick Santorum can't get elected by the people who knew him--nice choice IB!
Mar 29, 2012 10:39PM
avatar
the gas tax for my boat is tax credit ????
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.