And now for something completely irrelevant to commercial real estate! I love it! Here's hoping we can get a similar scheme passed here in Ontario :)
By QMI AgencySource: http://www.torontosun.com/news/weird/2010/04/15/13597256.html
Moustached Americans are looking for a tax break from Uncle Sam.
The American Mustache Institute (AMI) says the "social and environmental benefits to moustache growth and maintenance provide a service to the U.S. economy."
And at least one expert agrees with them.
Dr. John Yeutter who is an associate professor of accounting and tax police at Northeastern State University in Oklahoma says in his paper, Mustached Americans And The Triple Bottom Line, that moustache maintenance is a deductible expense.
"Given the clear link between the growing and maintenance of moustaches and incremental income, it appears clear that moustache maintenance costs qualify for and should be considered as a deductible expense related to the production of income under Internal Revenue Code Section 212," he wrote.
Yeutter points out that in the U.S. Congress, there are 29 Democratic members sporting moustaches and 12 who have beards.
Previous congresses have provided tax incentives for specific societal segments whose efforts enhanced economic growth, Yeutter said.
The AMI is suggesting a $250 special deduction for moustache grooming supplies. It says those tax incentives could be used to purchase items like wax, facial hair colour, moustache combs and mirrors, condoms, moustache insurance and "Burt Reynolds wallet-sized photos."
