Wine Tax Deductions: Personal Library and Online Subscriptions

As a professional in the wine business, don’t forget about your personal library.

All wine magazine subscriptions, books, maps, learning materials, etc. are legitimate tax deductions*. Also add the cost of online subscriptions and professional affiliations (if you’re part of the Guild of Sommeliers, or if you have a WineSearcher account).

Save those receipts, make sure you have a tax professional, and itemize your taxes to get full benefit. Hint: look for an Enrolled Agent, otherwise known as an EA. They are tax specialists that can also represent you in front of the IRS if needed. Being one step down from a CPA they carry much of the knowledge of a CPA without the high costs. It’s easy to find one at their website.

Now is the time to do this. Don’t wait until you get your W2’s next winter. Now is the time to find a good tax preparer, get the advice you need to stay organized, and maximize your deductions for this year.

Go!

* Ask your tax professional for advice. They are worth every penny you pay them. I’m not a tax professional.

Related Articles