NEWS AND RESOURCES

Tip of the Month for July 2002

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Tax Tune-Up
This month we found the following so funny we wanted to pass it along, unedited, from Ed Lyon. Here are the “2002 Funniest Deductions." We would agree. See for yourself:

Bill Gates’ Mansion. Microsoft CEO Gates’ new mansion on Lake Washington includes 20 rooms, a 60-foot pool, a manmade trout stream, a 30-car garage, and a lakeside “activity pavilion.” But the IRS sets no limit on the property tax deduction. So Gates and wife Melinda can write off the entire $1,076,385.

Hef’s “Party Posse". Perennial Playboy Hugh Hefner offers a new twist on the golfer’s dream of shooting his age: juggling seven girlfriends in his seventies. Hef can claim dependent deductions for any of his beauties who live with him and get more than half their support for him as full-time students under age 24. (Yes, the Viagra is also deductible.)

Robert Downey Jr.’s Drug Rehab. I thought Charlie Sheen had a lock on the "bad boy" category. But Downey’s spectacular Palm Springs flameout, complete with Wonder Woman costume in his suite, wins him first place in this perennially favorite category. Drug rehab, of course, is a deductible medical expense -- even after his eighth trip

Anna Nicole Smith’s $475 million. Was it true love? If so, then why did the ninth-grade dropout and former Playmate of the Year’s billionaire husband J. Howard Smith consider adopting her? The bosomy bimbo profits from history’s two biggest celebrity tax breaks. Marital bequests are tax-free, which saves $261 million in estate tax. And inheritances are nontaxable, which saves another $181 million. She’ll be able to afford the limo of her choice for induction into the Gold Digger’s Hall of Fame.

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