I cannot tell you how many times I’ve been jokingly (and sometimes not so jokingly) asked by a client if they could take a tax deduction for their dog; but I can tell you that I can count on it coming up at least once every tax season.
The question comes up from time-to-time where a client purchases a business suit and asks if they can claim it as a business deduction, citing this is their "uniform." The short answer is No, as you will read below.
No Deduction for Required Employer-brand Clothing:
SIMPLE accounts may accept rollovers from expanded list of retirement plans. In general, an employer with 100 or fewer employees that doesn't have a qualified plan can establish a “SIMPLE” (savings incentive match plan for employees) retirement plan, without having to...