Izzy owned a small deli in Stamford Hill, in London. One day, a tax inspector knocked on his door and questioned him about his recent tax return. Issy had reported a net profit of $250.000 for the year and he wanted to know all about it. "It’s like this," said Issy. "I work like a maniac all year round and all of my family helps me out whenever they can. My deli is closed only five days a year. That’s how I made $250,000."
"It's not your income that bothers us," said the taxman. "It's the business travel deductions of $80,000 that worries us. You entered on the tax return that you and your wife made 28 business trips to Israel, Italy, Switzerland, France, the US, Hawaii, and the Caribbean… Read More »