I’ve been lucky to save my pennies over the years and acquire a few different styles, which I rotate on a regular basis…I don’t pay too much notice to the prestige attached to these items, but I do love the quality and how good I feel when I use them (I don’t have kids so I have to get my satisfaction from somewhere…right?)
But did you know that you can also purchase a “designer” business bag and potentially get a tax deduction?
In general, a briefcase or laptop bag, designed to carry a notebook computer and/or papers and files is an allowable deduction for the work related portion of the purchase price.
If the purchase price is less than $300 then a deduction is available in the year of purchase, but if the item costs more that $300, then it should be depreciated over its useful life.
But the title of this post comes from the rule that there is no upper limit on how much you can spend!
Please excuse me…I’m off to peruse the Louis Vuitton website!