Erase These Items Off Your Deductions List

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The IRS has gotten pretty clear about what business deductions you may and may not take. Tempting as it may be to add some of these items to your deduction list, you run the risk of alerting the IRS to an audit. You don't want to do that. The following is a list of deductions the IRS will not permit:

• Adoption

• Airline clubs

• Country clubs

• Divorce expenses (Exception: expenses associated with tax advice)

• Dog tags

• Funeral expenses

• Golf and athletic clubs

• Health spa

• Hotel clubs

• Illegal bribes and kickbacks

• Life insurance premiums

• Lunch with coworkers

• Marriage licenses

• The cost of using an entertainment facility (i.e., yachts, hunting lodges, fishing camps, swimming pools, vacation resorts)

• Parking tickets

• Personal disability insurance premiums

• Personal legal expenses

• Political contributions

• Wristwatches

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