December 13, 2018
Celebrate the holidays by singing The 12 Claims for Taxes
We all know the seasonal favourite The Twelve Days of Christmas. Only slightly less popular is the song The 12 Claims for Taxes – which is sung to the same tune. The words to the latter are below, along with some insight into each deduction. Sing it with your family this year – preferably at the dinner table on Christmas Day. It’ll be both fun and educational. Here we go.
On the first day of Christmas, my true love gave to me:
Danny Partridge on a TV. I’m talking about entertainment costs here. You know, Netflix, Spotify, the entire first season of Star Trek on Blu-ray, and the like. Can you deduct these costs? Not typically, but if you can argue that the costs were necessary for the purpose of earning income from a business, you can deduct them.
Two turtlenecks. Some people try to deduct the cost of their personal clothing. Sorry, this won’t work. Now, if there’s clothing specific to, and used solely for, your work (a uniform or specialized equipment that you wear) that you’re required to pay for, you can generally justify a deduction.