We're in the thick of tax season, and we're all trying to keep a few extra pennies in our pockets. "Everyone wants to minimize the taxes they pay, but no one wants to end up being prosecuted by the IRS," says Ted Flynn, CEO of the Massachusetts Society of Certified Public Accountants. If you itemize your deductions, you may be eying that pile of receipts and wondering how much you can deduct without getting in trouble. Well, the good news is that certain medical, job, childcare, and transportation expenses absolutely are deductible -- within reason. "Use your common sense when you're attempting to deduct certain expenses," Flynn advises.
Here are a few deductions that the Tax Court determined wouldn't fly -- and a few that they, surprisingly, allowed.
A private plane
It's rare that you commute anywhere so often that buying your own private plane makes more financial sense than driving your car, but Kiplinger.com reports that a couple who did just that was actually allowed to deduct Read More »from 12 Ridiculous Tax Write Offs