Halloween is almost here, and if it seems like things have changed since you were a kid, you're right! Halloween has become big business, with the National Retail Federation predicting Americans will spend $9.1 billion on the festivities. That includes $3.4 billion on costumes, with top choices being superheroes, animals, princesses, witches, vampires, and zombies. And, "pets will not be left behind, with 10 percent of consumers dressing their pet as a pumpkin." (If you've got a dachshund, of course, you have to dress it up as a hot dog. Rule of law.)
Naturally, when the trick-or-treaters at the IRS hear the word "billions," they reach out for a "fun sized" treat, too. (Why do they call those dinky little candy bars "fun sized," anyway? What's fun about a bite-sized Snickers or Milky Way when you can score a full-size bar in the rich kids' neighborhoods?) Let's take a quick look at how the IRS taxes our favorite Halloween dopplegangers:
You probably never realized tax professionals could be so busy at Halloween! Fortunately, you don't have to work quite so hard yourself. Call us for a plan, and we'll teach you the tricks to keep as much of your treats as the law allows!