14 Nov Tax Strategies for Trick or Treats
|Halloween is almost here, and if it seems like things have changed since you were a kid, you’re right! Halloween has become big business, with the National Retail Federation predicting Americans will spend $9.1 billion on the festivities. That includes $3.4 billion on costumes, with top choices being superheroes, animals, princesses, witches, vampires, and zombies. And, “pets will not be left behind, with 10 percent of consumers dressing their pet as a pumpkin.” (If you’ve got a dachshund, of course, you have to dress it up as a hot dog. Rule of law.)
Naturally, when the trick-or-treaters at the IRS hear the word “billions,” they reach out for a “fun sized” treat, too. (Why do they call those dinky little candy bars “fun sized,” anyway? What’s fun about a bite-sized Snickers or Milky Way when you can score a full-size bar in the rich kids’ neighborhoods?) Let’s take a quick look at how the IRS taxes our favorite Halloween doppelgangers:
While we’re on the topic of costumes, why don’t kids ever dress up as IRS auditors? That would be scarier than anything else they can come up with. As for the grownups, can you imagine “sexy IRS auditor” costumes sitting on the shelf next to “sexy nurse,” “sexy firefighter,” and “sexy cop” outfits?
You probably never realized tax professionals could be so busy at Halloween! Fortunately, you don’t have to work
quite so hard yourself. Call us for a plan, and we’ll teach you the tricks to keep as much of your treats as the law allows!