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Tax Deductable

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Ursus Martimus

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who out there know how much of these expenses we are accruing (USMLE IICK/CS, kaplan study questions, airline flights for interviews, hotels for interviews, rental cars for interviews) are actually tax deductable. Any help is appreciated as I am yet to run into a MD/CPA. Thanks in advance.
 

mikegoal

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I dont believe they are

I think that if u had a job already they would be

I think iserson talks about it
 

EctopicFetus

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I think they are... look at the tax codes. They should be because tax breaks are given to those who spend over a certain amount in the process of finding a job.
 

Clay

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School expenses act as tax credits -- which are not deductions. Credits work only for/against certain taxible incomes. For example MS1 and MS2, I had a job with a considerable income. I received tax credit for any and all school expeditures -- these allowed for about a 3k reprieve on taxes I owed (20k for expeditures).
In short, if you have an income, yes itemize, itemize, itemize....
If you have no income, credit and deductables are difficult to come by.
If you own a home, have an income (including a spouse's), or have assets, the you should call someone for tax advice -- even H&R Block, the McDonald's of finance.
For future reference, I suggest reading Earnest and Young's tax Saving's Guide. If you have no idea about taxes, you need to read -- especially if you have student loans, want to buy a house, or just want to know the tax law in a quick, easy format.
 

peptidoglycan

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If I pay for Step 2 CS after the New Year and then start my paying job as a resident in July, can I write off the cost of Step 2 CS on my tax returns for the year 2005?
 

SLUsagar

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Clay said:
School expenses act as tax credits -- which are not deductions. Credits work only for/against certain taxible incomes. For example MS1 and MS2, I had a job with a considerable income. I received tax credit for any and all school expeditures -- these allowed for about a 3k reprieve on taxes I owed (20k for expeditures).
In short, if you have an income, yes itemize, itemize, itemize....
If you have no income, credit and deductables are difficult to come by.
If you own a home, have an income (including a spouse's), or have assets, the you should call someone for tax advice -- even H&R Block, the McDonald's of finance.
For future reference, I suggest reading Earnest and Young's tax Saving's Guide If you have no idea about taxes, you need to read -- especially if you have student loans, want to buy a house, or just want to know the tax law in a quick, easy format.

CLAY,
where can I find Earnest and Young's tax Saving's Guide????????
 

Ursus Martimus

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I have seen some places say that if you are looking for your first job (residency) outside of a resdency, the expenses are not tax deductable. But if you are moving within the field to another job they are. This is crazy but, if you are an MD/PhD receiving a stipend and are looking for a residency, is that not just looking for a job in the area. All these technical details are important as that is where the deamon always lies.
 

beriberi

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Ursus Martimus said:
I have seen some places say that if you are looking for your first job (residency) outside of a resdency, the expenses are not tax deductable.

It is not just "some places" that say this, but the "tax code."

I don't remember where, but I looked this up when applying for residency. Your expenses in finding your first job in a field are not tax deductible (unless things have changed in the last year).

As far as I know, taking an exam required for licensure is not tax deductible either, unless you are self employed.
 

lawmd

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keep track of everything-if you have a little side job you do from your house you can deduct part of your mortgage, internet, computer, etc... find a good tax guy, ask residents and attendings who they use. maybe get a fdew other residents and get a group deal with some private or small time guy.
I have learned bits and pieces along the way, and ther ea lot of little loop holes that the pros know-it is worth paying them $100 to do it. good luck
 
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