application expenses tax-deductible?

[kbean]

Does anyone know if the application expenses are tax-deductible? I'm guessing they're not, but I'd really desparately like to claim some of the massive money I spent on my tax return this year.

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[Psleepless]

Does anyone know if the application expenses are tax-deductible? I'm guessing they're not, but I'd really desparately like to claim some of the massive money I spent on my tax return this year.

Great question! I was recently referred to an accountant (Connecticut) who used to work for the IRS and really knows the regs. I'll let you know how she handles it when I see my draft tax returns.

What I've learned so far is that the IRS has a fixed budget for auditing, so they audit whomever they want to audit and then have no more money for auditing after that. Accordingly, if you're concerned about being audited, file for an extension by the April deadline and file the actual return around September.

 

[Alacrity]

I really hope I can deduct some of this:

15 Application Fees: $760
22 Transcripts: $136
Mailing Costs: $200 (Some had to be over-nighted)
Travel to 5 Interviews: $1100
New Suit: $340

That is over $2500 not counting all the miscellaneous costs, costs associated with missing work, etc. Hopefully we'll all get in and this will all be worth it!

 

[Psleepless]

Does anyone know if the application expenses are tax-deductible? I'm guessing they're not, but I'd really desparately like to claim some of the massive money I spent on my tax return this year.

hello all -sorry this is post-4/15, but i had some last minute adjustments to my returns. the good news, if you are filing late or can whip up an amended return:

my accountant did deduct my professional/academic-related travel & other expenses including application & mailing fees, conference fees & expenses....she used Form 1040 overall and included Form 2106/Employee Business Expenses which includes entries for 1) vehicle expenses, 2) parking & other travel fees, 3) travel expenses for overnight trips (hotel, plane, etc), 4) other business expenses (maybe faxing or internet???), 5) meals & entertainment. she entered the total deductions for this area on Schedule A for Form 1040 in the section "job expenses and certain miscellaneous deductions" at lines 21-27.

 

[4Ever]

hello all -sorry this is post-4/15, but i had some last minute adjustments to my returns. the good news, if you are filing late or can whip up an amended return:

my accountant did deduct my professional/academic-related travel & other expenses including application & mailing fees, conference fees & expenses....she used Form 1040 overall and included Form 2106/Employee Business Expenses which includes entries for 1) vehicle expenses, 2) parking & other travel fees, 3) travel expenses for overnight trips (hotel, plane, etc), 4) other business expenses (maybe faxing or internet???), 5) meals & entertainment. she entered the total deductions for this area on Schedule A for Form 1040 in the section "job expenses and certain miscellaneous deductions" at lines 21-27.

This seems iffy to me. Hopefully you won't get audited.... But, maybe getting an assistantship out of the whole ordeal of sending applications, buying interview outfits, and going on interviews allows you to classify all of this as a business expense.

 

[hamsterpants]

hello all -sorry this is post-4/15, but i had some last minute adjustments to my returns. the good news, if you are filing late or can whip up an amended return:

my accountant did deduct my professional/academic-related travel & other expenses including application & mailing fees, conference fees & expenses....she used Form 1040 overall and included Form 2106/Employee Business Expenses which includes entries for 1) vehicle expenses, 2) parking & other travel fees, 3) travel expenses for overnight trips (hotel, plane, etc), 4) other business expenses (maybe faxing or internet???), 5) meals & entertainment. she entered the total deductions for this area on Schedule A for Form 1040 in the section "job expenses and certain miscellaneous deductions" at lines 21-27.

I'm assuming this can only be done if you itemize deductions and not take the standard deduction?

 

[kbean]

I'm assuming this can only be done if you itemize deductions and not take the standard deduction?

I was wondering the same thing.

 

[Psleepless]

I'm assuming this can only be done if you itemize deductions and not take the standard deduction?

true, but it was worth it to itemize...

 

[GreenPsych]

This seems iffy to me. Hopefully you won't get audited.... But, maybe getting an assistantship out of the whole ordeal of sending applications, buying interview outfits, and going on interviews allows you to classify all of this as a business expense.

It's not iffy you can deduct it because it falls into the classification of seeking employment.

Our accountant has deducted similar items for myself and/or spouse many times throughout the years and we have even been audited once ... keep receipts and clear records and you will be fine.

Additionally, we always itemize. Your situation may not warrant doing so but in our case, my spouse owns a business and I run a non-profit so there are lots of things to itemize.