Warren Buffett's 1944 tax return reveals early use of business deductions

Warren Buffett paid $7 in federal taxes in 1944. He lowered his taxable income by deducting $10 for watch repair and $35 for miscellaneous bicycle costs associated with his newspaper route. This occurred when he was 14 years old. The IRS required any U.S. citizen, including minors, to file a federal return if gross income reached $500 or more. That year, Buffett earned $364 from his route and $228 in interest and dividends from three shares of Cities Service Preferred stock, totaling $592.50.