Red Nose: Yes; Armani Suits: No
“What’s the difference between a lawyer and a clown,” asks Theodore Prioleau, a financial services consultant in Maryland who’s better known as Teddy the Taxman. “You might say the clothes, and you’d be right.” The lawyer’s impeccable suits are not tax deductible, but the clown’s costume is, “including his big red nose,” Teddy says. It has nothing to do with taste and everything to do with usability of the clothes. If you can wear it somewhere else, it’s not deductible.
