Thanks to Mom on Dealz for sharing her series, Ask an Accountant! Sharon is married to an experienced accountant. Although tax season is over, tax questions arise year round.
What expenses can you not claim on your taxes?
The items not deductible are expenses that would not be used to generate a profit. One example would be groceries. You could not deduct groceries from a shopping trip that you used to post on your website. The groceries are a necessary item needed to sustain life, not make a profit. Commuting mileage cannot be deducted, only the mileage to and from couponing class held outside of your home/office. Personal expenses and profit distributions are not deductble. This question is better answered by including what is deductible…epenses directly related to the generation of profit, that are not necessary living expenses
*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.