Happy Tax Day! Accountant Russell Garofalo tells us what your taxes (and your attitude toward them) reveal about you.
Russell Garofalo is based in New York and specializes in working with writers and artists, who tend to be especially stressed about taxes because their incomes are unpredictable; they often face big tax bills thanks to their freelance status. In his years of work with the creative and worried, he's learned that when people talk about money, a lot of other things come out. Here are a few:
1. Your Write-Off Delusions
People just aren't objective when it comes to their money, Garofalo says, and he sometimes has to gently explain to clients that the things they think are plausible write-offs really make no sense at all. One woman wanted to write off the bikini wax she got before going on auditions; another wanted to deduct the five figures he's spent on surgery for his dog. Garofalo had to tell them that even though they might believe these were legitimate business expenses, the IRS wouldn't.