When you think of tax deductions, the last thing you probably think about is health and beauty, but do not be so sure. I was recently quoted in a great SheKnows.com article discussing beauty related tax deductions. You can find a section of the article below, or read the full text here.
“Glasses and contacts can be written off. So can eye drops,” says Wells Fargo tax expert Joe Ellis, who cautions that in general clothing is not allowed to be deducted, but suggests donating the clothes when you are done with them. That is a deduction – which can lead to you having a little extra cash for new duds.
2. Magazine Subscriptions
Salon owners, take note: What’s a beauty salon without high-fashion magazines? While it is a wise investment to keep your clients abreast of all the hot new fashion trends via journals and magazines, you can also deduct the expense on this year’s tax return! As long as the subscription relates to your field and you keep accurate records of the costs, you can deduct it, says Roni Deutch, CEO and Founder of the Roni Deutch Tax Center. This also holds true for those of us who write about beauty and fashion!