Boy, this time of the year, the questions get wonderfully crazy for financial advisors during tax season. Boy I wish some of the Presidential candidates can hear some of these:

“I just had my nails done, is this tax deductible?”

* I had to take my friend to a concert because I owed him a favor. Can I write it off as a business expense or as charity?”

Well, there are just too many “good” questions like this to answer them all in this article.

But guess what? The IRS (and your representative in U.S. Congress) must be listening. Let us help with a few. Remember, lying on your tax return is a federal offense. But if the deductible area applies it could worth up to a 40 percent deduction to your tax dollars.

Netflix
If it is used for educational or work related purposes, yes. Under your work, part of your miscellaneous deductions would fall under form Schedule A. Under your College educated expenses, you would look for ” education credits” geared in the ” adjusted gross income” areas of deductibility of your 1040 form.

Gym Memberships
IRS is very fuzzy on this. In short, while you cannot donate the membership, you can associate any extra fees associated with weight loss. Buy special food or vitamins; those are good.

Bad Debt
In short, if it’s individual personal debt, the answer is no. If it’s bad debt affiliated with a business you own, the answer is yes

Have a Baby
Boy, it’s gets good. The Child Tax Credit, Earned Income Credit and another personal exemptions can lower your tax rate significantly.

Business Travel
Another fuzzy one. If your job requires you to travel, outside the norm of traveling to and from work, then yes, those areas are tax deductible. If you own a business, under the “travel section” is where this deduction should go.

Concert Tickets
Falls into two different areas: if you own a business, you would look at the “entertainment section” of your business tax return. On the individual side, if you give away tickets, it can be considered a charitable deduction.

Manicure
Would you believe this is entertainment? It is and applied, if only used as a business expense, not a personal one.

The best thing we suggest is call a tax person now! And remember, learn and use the tax code to your advantage. It’s worth forty cents to the dollar.
The Financial Advisors Group, is celebrating their 20th year as a fee only financial planning firm specializing in solving one’s financial problems. Many of the staff are recognized financial experts and been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, Bronxnet Channel 67 TV, The Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News and The Bronx Chronicle.

For financial assistance or a FREE COPY of a 2015 Income Tax Guide, we can be reached at (347) 575 5045 .