By Sheryl Rowling
SAN DIEGO — The Money Maven needs to take a break for “tax season.” Luckily, the Passover Fairy has agreed to answer your questions. The Money Maven will return next time!
Dear Passover Fairy,
When I fork over silver dollars to the kinder for finding the afikomen, can I get a tax deduction?
Desperately, Dan
Dear Dan,
Unless you are using the afikomen for business purposes, you don’t get a write-off. Don’t be a schnorrer. Give some silver dollars to charity and you can deduct that!
Dear Passover Fairy,
I don’t understand why my Mom gives us gefilte fish! It doesn’t even look like fish! I’ve been hiding mine in the plant by my chair. Can I donate it to the hungry?
Nauseously, Neil
Dear Neil,
I never understood why so many Passover diners are not fond of the delicacy of gefilte fish. You may certainly donate your portion to those less fortunate. Just note that, in order to take a tax deduction, it must be in good condition. Also, you can only write-off the lesser of your cost or fair market value. What is the value of leftover gefilte fish? I’m afraid, it’s bupkas.
Dear Passover Fairy,
I’ve been invited to attend Passover Seder at my friend’s house. I’d like to bring a gift. Do you have any suggestions?
Appreciatively, Art
Dear Art,
Have I got the perfect gift idea for you! Beside the traditional flowers or Kosher wine, might I suggest a wonderful CD featuring Congregation Beth Israel’s own Cantor-Emeritus Sheldon Merel. It is called “Chants of a Lifetime from Synagogue to Opera” and you can purchase it for only $18!
Dear Passover Fairy,
I put off doing my tax return and now I have to prepare for Passover. It’s too much! If I hire someone to help me cook, can I deduct the cost?
Procrastinatedly, Polly
Dear Polly,
Sorry, you can’t claim a tax deduction for a cook. However, you can deduct what you pay to a CPA to prepare your tax return. Use your keppy – you prepare the meals and let the maven prepare your taxes!
Dear Passover Fairy,
Can you give me an easy way to remember what I’m allowed to deduct on my tax return?
Mnemonically, Mark
Dear Mark,
In this spirit of the season, try this!
M is for Medical expenses and Mortgage interest
A is for investment, legal and tax Advice
T is for state, local and property Taxes
Z is for Zoo membership
O is for donations to Other charitable Organizations
Happy Passover from the Passover Fairy (and the Money Maven)!
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Sheryl L. Rowling, CPA/PFS, partner of Moss Adams Wealth Advisors LLC, has been providing tax, financial planning and investment advice for over 30 years, since 1979. Sheryl was named one of the nation’s top 250 financial advisers by Worth magazine, received recognition as one of Accounting Today’s 100 Most Influential People, and was named a FIVE STAR Wealth Manager by San Diego Magazine*. Contact her at sheryl.rowling@sdjewishworld.com