Some of the Most Amazing Tax Deductions Ever
At GROCO, we have been doing this for more than 50 years. That means we’ve heard just about every crazy tax story you can imagine. With tax season now officially in full swing we thought we would share some of the craziest tax deduction stories we’ve ever heard; and they’re all true.
A gas station owner gave away free beer at his gas station. At tax time he put all the expense for the beer on his tax return as a business expense. He told the IRS he was trying to entice new customers to pull in and fill up, which was actually a way to promote his business. The IRS agreed.
A couple managing some rental properties decided that they didn’t have enough time to drive around a mountain pass to visit all their homes. The couple decided to buy a private jet instead, so they could see their homes much quicker. They said it should be allowed as a deduction because it saved them so much time. The IRS agreed with them and said it should be allowed as a normal, ordinary and necessary business expense.
Another couple, which owned a junkyard bought a large supply of cat food and then claimed the purchase as a deduction. They said they needed to use the food to attract stray cats. Why, because they needed the cats to keep the rat and snake populations under control.
The best part about all of these stories is that they really happened and the IRS really let these people take these crazy deductions. There’s no question that these taxpayers knew how to milk the system. Want to hear some more crazy tax deduction tales? Just click here.
Entrepreneurship and Economic Empowerment: The Path to Sustainable Growth
Entrepreneurship has long been recognized as a powerful driver of economic growth and social transformation. Across the globe, individuals with innovative ideas and the determination to bring them to life have created businesses that fuel economies, generate employment, and uplift communities. Nowhere is this potential more evident than in Africa, where a young, vibrant population…
Bob Gay on The Pillars of Self-Reliance
The Pillars of Self-Reliance At the recent Legacy Builders Conference, Robert Gay captivated the audience with a profound message: true impact comes not from handouts, but from empowering individuals to achieve self-reliance. A distinguished investor, philanthropist, and humanitarian, Gay has spent decades applying the principles of entrepreneurship and accountability to lift millions out of poverty.…
The Future of Sustainable Philanthropy
At the Legacy Builders 2025 Conference, three leading voices in philanthropy-Mark Lutz, Pamela Hawley, and Zoe Ryan-came together to share their insights on how to create lasting, community-driven impact in global development. While their experiences and approaches varied, a common theme emerged: true sustainability in philanthropy begins with listening to, investing in, and empowering local leadership. Mark Lutz: Building…
From the Wrestling Mat to Data Innovation: How Dr. Naveen Singh is Reshaping Tech
In the world of high-stakes tech entrepreneurship, background stories don’t get much more unique than that of Dr. Naveen Singh. A former Olympic-style wrestler turned telecom executive, turned Distributed Ledger Technology pioneer, Dr. Singh has woven seemingly disparate fields—sports, healthcare, and cutting-edge tech—into a singular mission. Now at the helm of Inery, a decentralized database management system…