The tax filing deadline is quickly approaching. Thanks to April 15 falling on a weekend and April 17 being the District of Columbia’s Emancipation Day, the usual deadline has been pushed to April 18 this year. While many people have their tax filings all squared away, some procrastinators are still scrambling to get their filings complete in the final hours of tax season.
If you fall into that, “to-be-completed” group of taxpayers you may just be in luck. There are some lesser-known deductions that could potentially save you dollars when you do finally file. Most taxpayers are familiar with common deductions such as charitable donations and mortgage interest, but you may be able to also claim deductions for hair and beauty products. It is important to note that not all deductions will apply to every taxpayer. It’s always wise to consult a tax professional to ensure accurate and appropriate filings. Here are some hair and beauty tax deductions 21Ninety has found.
Body Oil
According to the tax court, bodybuilders, who are professional,s can claim the ordinary and necessary expenses related to their profession as itemized deductions. That may may include body oil. However, expenses for food and supplements used to attain a muscular physique are non-deductible expenses. It is important to note the limitations regarding tax deductions can vary based on the jurisdiction and specific circumstances. Always talk to an accountant to verify what works in your situation.
Elective Surgery
According to some reports, cosmetic surgery could potentially be deductible! In 1988, a tax court allowed adult entertainers to claim a tax deduction for breast augmentation surgery. The case involved a stripper who initially had her deduction claim of $2,088 denied by the IRS. Upon appeal, the tax court accepted it. The court found that the surgery could be considered a legitimate business expense. The ruling said the surgery had the potential to increase the stripper’s income by generating bigger tips and profits.
Hair Color
Certain personal features can be a business expense if utilized in the same manner. According to “Business News Daily”, a woman named Bobbi Baehne is the perfect example of this deduction.
Baehne is the President of Think Big Go Local. She decided to dye her hair purple for a convention and has maintained the color ever since. Her purple hair has become synonymous with the company’s branding, as she is considered the face of the business. Baehne shared that her accountant informed her that her purple hair has become an integral part of the company’s brand and serves as advertising for their services. As a result, she is entitled to deduct the $200 as well as the amount she spends monthly to maintain her hair color as a business expense. If you have any physical attributes that are important to your business, it could be time to have a talk with your accountant
Gym Membership
If you have a gym membership, it can be classified as a tax-deductible medical expense. To do so, you need to meet certain benchmarks. First, you must have a diagnosis of a specific medical condition from a licensed doctor. Second, the gym facility must be used as a treatment for that condition.