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Showing posts from April, 2011

5 crazy claims for tax deductions from business profits

1 - Cost of hiring an arsonist – NO
A man with a failing furniture business decided to hire someone to burn it down. The store-owner's plan was not only to collect the $500,000 insurance money, but also to deduct the $10,000 expenses of hiring the arsonist! Not a smart man.

2 - Fake Boobs - YES
A stripper going by the name of CHESTY LOVE used her hard-earned savings to boost the size of her boobs, to the eye-popping size of 56-FF. She figured it would get her more tips. And the write-off was allowed, being considered a stage prop essential to her act.

3 - Cat food - YES
Junkyard owners set out bowls of pet food nightly to attract wild cats. The wild cats also took care of their nasty snake and rat problem, making the junkyard safer for customers and providing a useful business service. Yep, you guessed it…the pet food is a business expense, it was allowed.

4 - Body Oil - YES
If you’re a regular Joe, body oil is a once in a blue-moon splurge. Maybe something to spice up an evening with yo…

Are accountants legumaticians or beancounters?

Legumaticians seems to be a made up word that acts as a clever synonym for 'bean counter'. What's the origin of that phrase which is commonly used as a derogatory term for an accountant?
The most obvious answer might be a reference to those who counted the beads (or beans) on an abacus. However this is not borne out by an internet search.

According to the August 11, 2000 issue of the Word detective: "Bean counter" has an interesting history. It seems to have first appeared in the mid-1970s in the U.S., and its original use was simply as a vivid synonym for "accountant," especially one who brooked no nonsense. Its first known occurrence in print was in a 1975 Forbes magazine article that referred to "a smart, tightfisted and austere 'bean counter' accountant from rural Kentucky," though we can assume the quotation marks meant the writer had heard the term in use before the date of the article. In any case, the allusion is clearly to an acc…

Music for accountants....

In a post on AccountingWeb, Accountant Richard Joseph claims to have the original scripts for the Motown version of an accountants' musical which was was mooted in the seventies, and the lead song turned out to be a big hit for Marvin Gaye, - "I Audit Through the Grapevine".
Richard continues: But, of course, who else but the Beatles would have been the orginators of the accountants musical theme, when they came out with their classic tribute to the audit profession in 1965 with "Tick it to Ride".Rumours are still going about of an album of songs to be released in honour of our profession by Gary Barlow, of the internationally renowned boy-band "Tick That". But I haven't actually heard any of them yet.

Two tax quotes

"What Mae West said about sex is true about taxes. All tax cuts are good tax cuts; even bad tax cuts are good tax cuts."
-- Grover Norquist

"There's nothing wrong with the younger generation that becoming taxpayers won't cure."
-- Dan Bennett