You're More Tax-Wise Than You Realize

Being genuine is the best that you can be

And the IRS agrees

I hear the question a lot of “how can I take more write offs on my taxes?”

People approach this question in many different ways, but why is it that some of it sounds wrong.  That it’s not something you’d actually do, even though they claim that it’ll decrease the taxable income on your tax returns?

Because you’re a lot smarter than you think.

You know that making the write offs as high as possible isn’t valuable, unless it’s sustainable.

I mean, literally the way to report the highest amount of write-offs on your taxes is to just add a few zeros to your deductions. 

But you’d never do that.  Because it’s completely wrong, and the incorrect write offs would end up costing.

So why don’t you write off all personal expenses?

Same reason: it would only cost you more money.  It’s a bad thing to write off.

Well, what about real business expenses?

Those you of course are going to take.  You’d be stupid not to.

Everyone takes these when they have them.

Well, what about expenses that are debatably for business?

And that’s where we have a combination of tax law and personal preference. 

But beyond that, why doesn’t everyone take them?

Simple: they’re not as valuable as undoubatably legal deductions

That’s because deductions in the gray zone are more vulnerable to IRS audit, raise red flags with the IRS, and can cost you money just to defend, even if you get them.

So before you consider taking a deduction, remember what the real value of it is.

Because not all deductions are created equally

Be smart,

Jonathan Sussman CPA

P.S. when you decide to not take silly deductions on your taxes