License renewal

[anbuitachi]

I just realized license renewal is a hefty 600$ and all i do is update my address/phone # which is the same as prior, so i literally am paying 600$ to enter a few #s they sent me and answer few yes/no and click submit. This sounds like robbery to me.. how can they justify 600$ for this?! i know i have no choice if i want to practice, but this is just ridiculous. And to think id have to do this every 2 years.

Are most states 2 years renewal?! how much do yours cost?

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[AMEHigh]

Same states are 1 year renewal. It's ridiculous.
One state I'm licensed in yearly it's about $200, the other state I'm licensed in it's every 2 years and it's over $600.
Yep absolutely ridiculous.

 

[coffeebythelake]

Its a ****ing scam/.

 

[pjl]

Unpopular opinion:
I get quite a few benefits from being licensed in my state. My annual renewal is a steal for the malpractice caps and lower premiums alone.

Perhaps you need to look at what you are actually getting rather than the work that goes into just granting you a license.

 

[deleted875186]

DEA license, state controlled substance license, state medical license ..... it’s all money spent on nothing to get a number that I need to work 🙁

 

[pgg]

The DEA rathole is the one I really resent. That agency shouldn't even exist in a free country.

 

[Twiggidy]

Literally a reimburseable work expense

Edit: I will edit this. If you're renewing a license for a state in which you don't practice, then I understand, but then just ask yourself if you should just go inactive status.

 

[anbuitachi]

Literally a reimburseable work expense

Edit: I will edit this. If you're renewing a license for a state in which you don't practice, then I understand, but then just ask yourself if you should just go inactive status.

how do you reimburse.... huh? you mean its one of the benefits of your job?

 

[Southpaw]

how do you reimburse.... huh?

i reimburse all of my licensing and memberships (state license, DEA, ASA, state society) through my work expense/CME account.

 

[Arch Guillotti]

how do you reimburse.... huh? you mean its one of the benefits of your job?

Expense and deduct from appropriate income.

 

[Twiggidy]

how do you reimburse.... huh? you mean its one of the benefits of your job?

Even if your job doesn’t have a benefits plan you and your tax man need to be on top of that. ANYTHING that you pay for out of pocket that is work related or necessary to do your job (license, Society memberships, CME, MOCA, etc)

 

[secretasianman]

What does the board do for physicians? Someone tell me? Other than being punitive?

 

[chocomorsel]

What does the board do for physicians? Someone tell me? Other than being punitive?

How did malpractice caps come to pass? Has that anything to do with the board?

 

[anbuitachi]

Even if your job doesn’t have a benefits plan you and your tax man need to be on top of that. ANYTHING that you pay for out of pocket that is work related or necessary to do your job (license, Society memberships, CME, MOCA, etc)

i tried that in the past with board exam fees... didnt fly when i asked about it (Step3, advanced, oral)

 

[GassYous]

i tried that in the past with board exam fees... didnt fly when i asked about it (Step3, advanced, oral)

Step 3 is not deductible because you need it to become licensed as a physician (initial licensing).
Advanced and oral should be deductible just like CME.

Licensing Exam Fees Tax Deductible? - The White Coat Investor Forum - Investing & Personal Finance for Doctors

I'm wondering if exam fees for licensing can be tax deductible? I understand that <a href="https://www.irs.gov/pub/irs-pdf/p529.pdf">Pub 529</a>, page 16 under Professional Accreditation Fees says "You can't deduct professional accreditation fees such as the following...Medical and dental...

www.whitecoatinvestor.com

Bottom of page 1 is white coat investor's opinion.

 

[anbuitachi]

Step 3 is not deductible because you need it to become licensed as a physician (initial licensing).
Advanced and oral should be deductible just like CME.

Licensing Exam Fees Tax Deductible? - The White Coat Investor Forum - Investing & Personal Finance for Doctors

I'm wondering if exam fees for licensing can be tax deductible? I understand that <a href="https://www.irs.gov/pub/irs-pdf/p529.pdf">Pub 529</a>, page 16 under Professional Accreditation Fees says "You can't deduct professional accreditation fees such as the following...Medical and dental...

www.whitecoatinvestor.com

Bottom of page 1 is white coat investor's opinion.

Very interesting... that's not good.. i didnt deduct my advanced or oral.. !!! very sad.

so if i buy a course like

ULA Mini

ULA Mini

ulamini.com

that , which is 9 CME and butterfly ultrasound for 3000$, i can deduct 3000$ because it is cme?

What about travel and hotel for CME... do you deduct that from W2 too??

 

[Robotic Wis-Hipple]

They’re taxes for the privilege of being a physician.

But yes, expense/deduct them.

 

[Arch Guillotti]

What about travel and hotel for CME... do you deduct that from W2 too??

Who is your employer? Unless I am mistaken you just can’t “deduct” a business expense from a W2.

 

[AMEHigh]

Step 3 is not deductible because you need it to become licensed as a physician (initial licensing).
Advanced and oral should be deductible just like CME.

Licensing Exam Fees Tax Deductible? - The White Coat Investor Forum - Investing & Personal Finance for Doctors

I'm wondering if exam fees for licensing can be tax deductible? I understand that <a href="https://www.irs.gov/pub/irs-pdf/p529.pdf">Pub 529</a>, page 16 under Professional Accreditation Fees says "You can't deduct professional accreditation fees such as the following...Medical and dental...

www.whitecoatinvestor.com

Bottom of page 1 is white coat investor's opinion.

I don't think you can do that if you're a w2 person.
Also, the tax code has changed since 2016, so things might be slightly different.
This is why I decided to use an accountant this year!

But bottom line is definitely save all receipts and documentation in a convenient location so that when it does come tax time you can easily access it.

 

[Southpaw]

So it’s worth looking into. I’m not sure if WCI or POF cover it. It’s worth some time searching on the internet. I do believe there is a part of TurboTax where you can deduct expenses that aren’t covered on your W2. This includes work expenses that aren’t covered by your employer (classic example is teachers using their own funds for school supplies). This hasn’t been an issue for me as I’ve expensed everything I can (including work shoes, stethoscopes, etc.) through my expense account.

 

[mmag]

So it’s worth looking into. I’m not sure if WCI or POF cover it. It’s worth some time searching on the internet. I do believe there is a part of TurboTax where you can deduct expenses that aren’t covered on your W2. This includes work expenses that aren’t covered by your employer (classic example is teachers using their own funds for school supplies). This hasn’t been an issue for me as I’ve expensed everything I can (including work shoes, stethoscopes, etc.) through my expense account.

If you are W-2, unreimbursed job expenses are no longer deductible (as of 2018) due to the tax reform (the same "reform" that imposed the SALT cap...)

How Tax Reform Changed Deducting Unreimbursed Job Expenses

All unreimbursed job expenses for traditional employees are no longer tax deductible. Learn how this tax reform change may impact your tax return.

blog.taxact.com

 

[deleted162650]

(the same "reform" that imposed the SALT cap...)

But improved the AMT which had previously erased all my SALT deductions anyway.

 

[Twiggidy]

Very interesting... that's not good.. i didnt deduct my advanced or oral.. !!! very sad.

so if i buy a course like

ULA Mini

ULA Mini

ulamini.com

that , which is 9 CME and butterfly ultrasound for 3000$, i can deduct 3000$ because it is cme?

What about travel and hotel for CME... do you deduct that from W2 too??

The best way is to get your employer to reimburse it. Most have some sort of benefits plan with education reimbursement that is probably capped. I think mine for example caps at $2500 and it’s use it or lose it (ie it doesn’t rollover) I usually buy some ACE exams and pay for my society memberships with it and I’m good. I give them the receipt and they cut me a check.

If your employer doesn’t offer anything like this, quite honestly it may not be a great package or if you’re 1099 you have to figure something else out.

i think benefits packages is something that gets very little coverage on here Versus “salaries”. Just my opinion

 

[We'llBeDoneIn15Minutes]

i tried that in the past with board exam fees... didnt fly when i asked about it (Step3, advanced, oral)

You went to worst accountant on planet earth.

 

[anbuitachi]

The best way is to get your employer to reimburse it. Most have some sort of benefits plan with education reimbursement that is probably capped. I think mine for example caps at $2500 and it’s use it or lose it (ie it doesn’t rollover) I usually buy some ACE exams and pay for my society memberships with it and I’m good. I give them the receipt and they cut me a check.

If your employer doesn’t offer anything like this, quite honestly it may not be a great package or if you’re 1099 you have to figure something else out.

i think benefits packages is something that gets very coverage on here Versus “salaries”. Just my opinion

Oh we dont have education funds. I was thinking of buying a butterfly, but if its combined with a CME course, was hoping i can just deduct the whole thing since it's a CME related package, vs just a standalone butterfly...