Did you know these Tax laws in US actually exist?

1
Did you know these Tax laws in US actually exist?

• www.aotax.com
• 703-584-5533

2
Did you know these Tax laws in US actually exist?

• The tax season is around the corner and I am sure
  most of you
• would be in a frenzy to file your taxes at the
  earliest. Well, good
• for you. But what if I tell you that you might
  have missed out
• on some tax exemptions or deductions while
  preparing your
• taxes?
• Most Americans consider that the tax laws are a
  bit complicated
• and, thus, resort to professionals help for
  preparing and filing
• their tax returns. Are the laws complicated? They
  are a bit, yes.
• Moreover, there are some strange tax laws which
  most of us are
• not aware of.

3
Did you know these Tax laws in US actually exist?

• Here is a list of such weird federal tax laws.
  Find out if you have
• ever heard about them
• Allowance for clay miners
• Allowance for shell and rock miners
• Body building, anyone?
• It is time to pursue your 'artistic' skills
• Breast implants are depreciable

4
Did you know these Tax laws in US actually exist?

• Allowance for clay miners
• Sagger clay is used in pottery. People who mine
  this clay get a
• 14 federal depletion allowance. Quite generous,
  dont you
• think? However, there is a catch to this law. If
  the clay gets
• deposited in sewer pipes then the allowance is
  reduced to
• 7.5.
• Allowance for shell and rock miners
• If you are engaged in extracting oyster shells,
  clam shells and
• spodumene mineral, you can also claim the federal
  depletion
• allowance of 14.

5
Did you know these Tax laws in US actually exist?

• Body building, anyone?
• Body building can be a lucrative professional
  choice as the special oils used in the
• preparation of a body-building competitions are
  eligible for tax exemption. You can
• deduct the cost of these special oils from your
  taxable income. However, buffalo
• meat and wheat-grass shots do not qualify for tax
  exemption and their expenses
• are included in your taxable income.
• It is time to pursue your 'artistic' skills
• If you are a performing artist and fulfill some
  employment conditions, you can
• claim deductions for expenses incurred during
  such employment. The employment
• conditions stipulate that you should be employed
  by a minimum of 2 employers
• each paying at least 200, the expenses related
  to your job should be more than 10 of the
• income generated from the same job and your
  adjusted gross income should not be higher
• than 16,000. If you fulfill these conditions,
  enjoy tax exemptions on your job-related
• expenses.

6
Did you know these Tax laws in US actually exist?

• Breast implants are depreciable
• This one takes the cake! If your breast implants
  are requirement
• in your chosen field of work, they are considered
  as a stage
• prop. Since the prop is for your business, it
  comes under the
• category of business assets which are depreciable
  over time.

7
Did you know these Tax laws in US actually exist?

• Some 'weird' state tax laws
• Yes, even the US states are not far behind in
  weird tax exemptions and deductions. Here are
  some
• weird tax laws prevalent across some popular US
  states.
• o  New York Bagels  if you are in New York and
  love your bagels, decide how you want to buy them
  to avoid tax. An uncut bagel is tax exempt.
  However, if you buy your bagel any other way
  (like sliced or creamed) you have to part with 8
  cents in taxes.
• o  California and its fruits  buying fruits from
  kiosks or fruit stalls attracts a 33 tax while
  buying fruits from the grocery store does not.
  Strange, isnt it?
• o  Arkansas and being natural  if you are in
  Arkansas and get your body pierced, tattooed or
  underwent electrolysis, you would have to pay a
  6 extra tax. Being natural has its perks,
  doesnt it?
• o  Alabama and Nevada and the playing cards
  dilemma  as gambling is legal in Nevada, the
  state gifts you a free deck of playing cards when
  each return is filed. However, in Alabama, the
  state charges a 10 on decks with 54 or less
  playing cards.

8
Did you know these Tax laws in US actually exist?

• With these weird tax laws, it is no doubt that
  Americans find
• filing their taxes difficult. With both federal
  and state tax laws
• having weird tax deductions or charges, it
  sometimes become
• difficult to figure out whether you can save
  tax or have to file an
• extra tax. The next time you file your taxes,
  look out for these
• strange tax deductions and save on your tax
  outgo.

9
Contact Advantage One Group Pvt ltd.,

• www.aotax.com
• 703-584-5533