I hear this
at least once a day
during tax season
from writers (business builders)
– It’s a great tax write-off.
No.
Just no.
If you spent $1,000
on something that didn’t work
and you’re at the 50% tax bracket,
that means you LOST $500.
That’s not a “great tax write-off.”
That’s flushing money
down the toilet.
Yes, take the tax write-off
if your project or tactic
didn’t work
and list every expense
on your tax return
you legitimately can
but don’t deliberately lose real money
to save on taxes.
And don’t recommend a project or tactic
as a great tax write-off.
(Even if it miraculously IS
a great tax write-off,
the taxation agencies
have been known
to target taxpayers
who make these types of boasts.)