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STRANGE CELEBRITY TAX WRITE-OFFS: Shannon Nash, CPA/Tax Attorney, tells all in new book.

April 14, 2006

ABC News
LOS ANGELES — Tax Expert Shannon Nash is no stranger to strange tax write offs for entertainers.  If you didn’t know … guess what?  Nelly’s bejeweled teeth, the subject of his hit song “Grillz,” are a deductible business expense, just as costly get-ups, high-priced conditioning, and plastic surgery for some entertainers are items that are deductible.

 

     Show business is, in essence, the business of show, and often, the costly accoutrements needed to maintain that image can be deducted from a tax return.

 

     “I got my mouth lookin’ somethin’ like a disco ball,” Nelly and co-singer Paul Wall rap in their hit single, celebrating their gold, platinum and jewel-encrusted dentures. Wall’s oral ornamentation alone, featuring 65 princess-cut diamonds, is valued at $16,000.

 

     She told ABC News, “As nasty as that is, those Grillz are part of Nelly’s costume. He uses them to promote his song and his stage act, so it’s probably a business deduction,” says CPA Shannon Nash , author of “For the Love of Money: The 411 to Taking Control of Your Taxes and Building Your Net Worth.”

 

     Still, celebrities offer strange challenges for tax specialists, and Nelly’s sparkling chompers are just the beginning. The Wolf Files sought the help of experts for the following tax questions:

 

     Other strange tax write offs include: Deductions for canine accessories if you’re the likes of Paris Hilton and toting of your precious Chihuahua, Tinkerbell, is a part of your image. If you work in the Porn industry and use condoms, these business items are deductible. 

 

    And finally, what’s not deductible…  Medical Marijuana!  The Internal Revenue Service ruled that any amount paid to obtain marijuana for medical purposes is not a deductible medical expense, even if the marijuana was obtained with a prescription issued by a physician in accordance with state law.

 

Case closed!

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One Comment leave one →
  1. August 1, 2009 10:42 am

    Hi Shannon,

    I’m pretty sure it’s allowed but I thought I’d double-check with you. If you pay a business consultant to help start a business or advise on growing the business, this is deductible, right?

    (I think it’s deductible for a new business up to $5000 in first year or over 15 years if over $5000.)

    Hope all is well with you!

    Wrencis

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