By Peter Blank, Editor, The Kiplinger Tax Letter
Over the years, taxpayers have concocted a lot of zany arguments to justify tax deductions. We've come up with what we think are the 10 most creative ones that the tax courts decided didn't quite pass muster.
As secret agent Maxwell Smart would say, "Missed it by that much!"
Now that you've bought six extra months by filing an income tax extension, you might be wondering what you need to do between now and October 15, 2013 when your 2012 tax return is due. We've addressed some of the most common questions below. Brought to you by TurboTax.com
Can't afford to pay your income taxes? You may be able to qualify for an installment plan with the Internal Revenue Service. The minimum monthly payment for your plan depends on how much you owe. Brought to you by TurboTax.com
The Internal Revenue Service allows taxpayers to file for a six-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Check your state tax laws; some states accept IRS extensions while others require you to file a separate state extension form. Brought to you by TurboTax.com
The Internal Revenue Service recognizes the fact that members of the United States armed forces are often deployed outside of the U.S. at tax time and gives many military and support personnel an extension on their tax deadlines. Brought to you by TurboTax.com
In general, you can deduct interest paid on money you borrow to invest, although there are restrictions on how much you can deduct and which investments actually qualify you for the deduction. Brought to you by TurboTax.com
Americans already waste $431 billion per year complying with our tax code, yet the IRS is clearly incapable of doing its part by providing basic services to those taxpayers – such as picking up the phone. What does the IRS demand as a solution to its failures? More of your money. That’s right – the IRS wants an increase to the $11.8 billion they have already been given.
We don’t need to reform the IRS; we need to eliminate it.
That is why I am championing H.R. 25, the FairTax, which would dismantle the IRS and replace our current tax code with a 23% consumption tax at the final point of purchase for new goods and services. Not only would the FairTax do away with the headache of income tax compliance, it would also replace all other federal taxes. Congress wouldn’t need to continue debating whether or not Americans should get another two-month “holiday” from the payroll tax – the FairTax would permanently eliminate it. We wouldn’t have to keep fighting over which industries should continue to be subsidized with federal dollars in this budget-slashing era; the FairTax would eliminate them all and level the playing field for everyone.
Now that's a man who loves his porn. I have spent money on it, but not that much. Movies, not ladies of the night.
January 19 2012 at 7:41 PM Report abuse Permalink +1 rate up rate down ReplyWell.......prostitutes are cheaper than wives, and complain less.
January 19 2012 at 5:17 PM Report abuse Permalink +2 rate up rate down ReplyCrap. So much for my "massage therapy" deductions.
January 19 2012 at 5:04 PM Report abuse Permalink rate up rate down Replythats correct, if if you want a job done right, either hire a professional or do it yourself.... :D
January 19 2012 at 5:01 PM Report abuse Permalink rate up rate down ReplyProstitutes, good for America, IRS bad.
January 19 2012 at 4:53 PM Report abuse Permalink rate up rate down ReplyI LMAO THANKS!!!! STILL LAUGHING, THESE COMMENTS WERE THE BEST!!!!
January 19 2012 at 4:45 PM Report abuse Permalink rate up rate down ReplyA prostitute.The best thing about them?You only have to pay them once not weekly.lol
January 19 2012 at 4:40 PM Report abuse Permalink rate up rate down ReplyAhh prostitutes, the perfect woman - she always says yes and you get to see her leave when you're done.
January 19 2012 at 4:22 PM Report abuse Permalink +1 rate up rate down ReplyYour perfect woman is someone you have to pay to every time you have sex? I guess you can't get it any other way...lol.
January 19 2012 at 4:32 PM Report abuse Permalink -1 rate up rate down ReplyHe just prefers to pay as you go instead of the lump sum method.
January 19 2012 at 4:38 PM Report abuse Permalink +1 rate up rate downEvery man pays, only b/c every woman expects to be paid.
January 19 2012 at 5:26 PM Report abuse Permalink -1 rate up rate downYour getting some flak for your Comments..I thought it was really funny. Ya gotta be divorced, I am!! thats why we find it funny
January 19 2012 at 4:41 PM Report abuse Permalink rate up rate down Replyhttp://www.youtube.com/watch?v=jhUkGIsKvn0
January 19 2012 at 4:16 PM Report abuse Permalink rate up rate down Reply
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