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Although 2014 isn't even here yet, people are already thinking about their taxes.
Rapper Game recently shared a few tax tips with TMZ, explaining the types of things he will be writing off on his taxes -- from Air Jordan sneakers to nights at the strip club.
"I be writing off -- you can damn near write off anything, man," the Compton rapper explained. "You can write off strip club, making it rain. You can write that off. That's number one... Number two, you can write off J's. Buying Jordans. Number three, you can write off buying medical marijuana ... It's a write off. I’m trying to keep myself alive out here."
While Game was likely joking, Forbes wrote a story debunking the rapper's write-off claims.
Writer Kelly Phillips Erb writes: "To claim a deduction for business expenses, the Internal Revenue Service requires, at Section 162 of the Tax Code, that it be 'ordinary and necessary.' " Later, she states that while a strip club visit may be considered "ordinary" for Game due to his career, it's unclear if such a visit falls under the "necessary" category.
Additionally, Jordans can only be considered a write off if they're for business purposes and as far as medical marijuana is concerned, Forbes reports that "you generally can't deduct expenses which are illegal."
Good luck with that Game!
Rapper Game recently shared a few tax tips with TMZ, explaining the types of things he will be writing off on his taxes -- from Air Jordan sneakers to nights at the strip club.
"I be writing off -- you can damn near write off anything, man," the Compton rapper explained. "You can write off strip club, making it rain. You can write that off. That's number one... Number two, you can write off J's. Buying Jordans. Number three, you can write off buying medical marijuana ... It's a write off. I’m trying to keep myself alive out here."
While Game was likely joking, Forbes wrote a story debunking the rapper's write-off claims.
Writer Kelly Phillips Erb writes: "To claim a deduction for business expenses, the Internal Revenue Service requires, at Section 162 of the Tax Code, that it be 'ordinary and necessary.' " Later, she states that while a strip club visit may be considered "ordinary" for Game due to his career, it's unclear if such a visit falls under the "necessary" category.
Additionally, Jordans can only be considered a write off if they're for business purposes and as far as medical marijuana is concerned, Forbes reports that "you generally can't deduct expenses which are illegal."
Good luck with that Game!