Just because you incur expenses for business reasons doesn’t mean that they automatically qualify as deductible. The Internal Revenue Code stipulates that these outlays must be “ordinary and necessary” in relation to your business.

The operative word is business. Generally, what you spend to improve your appearance, general health or sense of well-being, are nondeductible personal expenses. When there’s a thin line between business and personal, the courts have to step in.

Take the case of Cynthia Hess, known as “Chesty Love” in her show biz endeavors as an exotic dancer. The Hoosier hoofer persuaded the U.S. Tax Court to uphold a read more >>>

Source : HuffingtonPost.Com