Here are some of the Strangest Business Expenses… 2022

By: First Union

business-strategy

Here are some of the Strangest Business Expenses… 2022

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Yes, typically your boss will give the okay for a lunch out with a client, perhaps even a golf outing. But what about other more obscure expenses? There have been some strange business expenses reported…Below are a few of the stranger we've heard about.

A company called Certify surveyed approximately 2000 individuals over five years regarding weird business expenses. They released a list featuring some of the highlights they heard about in terms of business expenses.

Among the more notably strange and/or over the top:

  • An $800 human skull (research expense/)
  • Llama rental for a photoshoot
  • Boarding costs for a snake
  • $8000 Rolex

A business can deduct those expenses that are considered ordinary and necessary. Necessary means it helps the business in some capacity and by ordinary they mean a more common tax write off given the company's line of business.

Ones considered over the top and extravagant such as those found above, will likely no longer be allowed as a tax deduction.

Tax Code Changes

Under some of the new tax laws, there will be changes as far as what a business can write off. You used to be able to deduct 50% of entertainment-related costs; this is no longer the case. You still though can deduct fifty percent of meals you have with your clients.

A couple of years ago companies could deduct unreimbursed employee expenses; however, this has also changed. And as of 2018, no such tax breaks are allowable.

If you're unsure of what you can and cannot deduct, it's probably best to speak with a certified accountant versed on the new tax code. Some of the changes are a bit complex and studying the new tax laws may not be something for which you have time—especially while running a company.

If your business is in need of funding First Union can help. We offer loans from short term loans to lines of credit. Call today!

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