The holiday season is in full swing, and we expect you’re on your best behavior to make Santa’s nice list. But there’s one famous guy who works harder than anyone else to be naughty this time of year, and that’s everyone’s favorite Dr. Seuss anti-hero, the Grinch.
We don’t care if you prefer the original animated cartoon or Jim Carrey’s 2000 live-action remake. Either way, when you think of the Grinch, you probably think about what he steals. But have you ever thought about what he pays? You can be sure the Whos down at the IRS do! Fortunately, the Grinch can take advantage of all sorts of tax deductions to help pull off his Grinchy plot. Those include:
Here’s another reason for the Grinch to be happy that his heart grew three sizes that day — and he gave Christmas back. If he really had stolen Christmas, he would have owed tax on it! Ill-gotten gains are just as taxable as any other kind of income, right? We imagine all those flu floopers and tar tinklers would be treated as ordinary income — but who knows how an auditor would treat a set of silver jing tinglers, or a rare zu zitter carzay?
This holiday season, we wish you and your family all the best. And remember, don’t hesitate to email us with any year-end finance questions!
Donna Bordeaux, CPA with Calculated Moves
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.