“Funniest Tax Guy in America” Releases 2010 Celebrity Tax Deductions

Supreme Court Justice Oliver Wendell Holmes called taxes “the price we pay for civilization.” But he never said we have to pay retail! As April 15 approaches, let’s take a look at what some of our favorite bold-face names might deduct this year:

Tiger Wood’s Sex Rehab. Previous winners in the celebrity “rehab” category have struggled with booze and drugs. But golfer Tiger Woods breaks new ground with his addiction to Vegas cocktail waitresses. Rehab costs are a deductible medical expense. Good thing Tiger can still drive his ball 300 yards without hitting a tree!

Jon & Kate Plus Divorce Lawyer. Why is divorce so expensive? Because it’s worth it! Especially when your ex makes off with $235,000 from your joint account! Most of the Gosselin’s divorce attorney fees are nondeductible personal expenses. But they can still deduct legal fees for determining tax-deductible spousal support.

Conan O’Brien’s Job Hunt. Conan worked decades to earn his dream job hosting “The Tonight Show,” then lost it just seven months later. Fortunately, job-hunting expenses (including hair gel and internet access to write letters to the “people of the earth”) are deductible as a miscellaneous itemized deduction.

The Jersey Shore’s “GTL”. Cable TV’s latest dysfunctional family – a thuggish group of New Jersey “Guidos” causing mayhem wherever they go. The Sopranos, right? No, the cast of MTV’s “Jersey Shore”! As “Snooki,’ “JWow,” and “The Situation” hit the road for personal appearances, they can deduct their “bumpits” and their “GTL” (that’s “gym, tans, and laundry” for those of us west of “the Shore.”)

Brett Favre’s Retirement Party. Yes, he can deduct it again this year. When he stops retiring, we’ll stop writing about it.

Wyclef Jean’s Charitable Gifts. Haitian hip-hopper Wyclef Jean has helped Americans donate millions in the wake of January’s deadly earthquake. And Congress passed a special law letting us “accelerate’ our donations – even the $10 text-message gifts. Wyclef can deduct cash gifts, plus volunteer expenses he racks up in the name of his relief efforts.

Octomom’s exemption-palooza – Babies, babies, babies…when she will stop?” Octomom” is accumulating personal exemptions like there is no tomorrow. The former “entertainer’s” next challenge is salvaging what is left of her celebrity status. Sure, she can claim $52,500 in personal exemptions – plus another $14,000 in child tax credits! But will it be enough to cover all those diapers?

It’s always fun to see how our favorite celebrities cope with their taxes. But the real key to beating the IRS is planning. Certified Tax Coaches are tax professionals with advanced training in proactive tax planning. For more information, visit www.CertifiedTaxCoach.com.

Contact: Edward A. Lyon, JD

Telephone: 513-324-2912


Edward A. Lyon is Vice President of the American Institute of Certified Tax Coaches and a nationally recognized author, speaker, and consultant. He has appeared on over 200 radio and television broadcasts, including CNN, Fox News, CNBC, MSNBC, and Roseanne Barr’s short-lived talk show, which dubbed him “the funniest tax guy in America.”,

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