Alidar, would you be able to declare a new suit as a tax deduction if bought and worn only for professional business reasons? Just thinking about your budget comment.
Possibly. I don't know enough about tax law to know for sure so I'd have to look into it. Still, January 2 is a particularly bad time to buy something and write it off on ones taxes. My concern is more about cash on hand (it's admittedly a manageable expense, but it's still a large expense to spend all at once). Also, I'm not sure I'd only wear it for professional business reasons.
I looked this up a few years ago because a coworker was (incorrectly) convinced that we could deduct our work clothes....
Uniforms are deductible if they are a condition of employment and if they are not appropriate for personal use. That's it. Other work clothes such as a lawyer's business suit or a server's black trousers and white shirt are not deductible because you can wear them elsewhere, even if you don't.
Thanks. That's what I figured might be the case. After learning that the fees associated with the bar exam weren't tax deductible, I became skeptical that many things are. Certainly, I would probably use any business clothes I buy for other occasions anyway.