Tax Deductions???

Discussion in 'Internal Medicine and IM Subspecialties' started by Tigerz_Fan, Dec 13, 2005.

  1. Tigerz_Fan

    Tigerz_Fan also known as Towanda!!!
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    I have heard that travel expenses for interviews are good for tax deductions if you fill out the long form and keep all records. Does anyone know if this is true???? Is a nice idea.... :D
     
  2. DrNick2006

    DrNick2006 Senior Member
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    I make no money for deducting expenses. I guess I could use my interview expenses for january in my 2006 tax returns though.
     
  3. Tigerz_Fan

    Tigerz_Fan also known as Towanda!!!
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    That's what I was thinking of, the tax form for 2006.
     
  4. upekkha

    upekkha Member
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    What is the "long form"? Is it an IRS form?
     
  5. Tigerz_Fan

    Tigerz_Fan also known as Towanda!!!
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    It is an IRS form. Someone I know called it the "long form." I'm trying to figure out what that means....I think it is an itemized listing of expenses.
     
  6. inositide

    inositide Senior Member
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    long form means the regular 1040 or the 1040A. Most students use the 1040EZ because it is the simplest and quickest form but it does not allow for itemized deductions and other more specific things which are found on the 1040 and the 1040A forms.

    I am no accountant but I think that getting tax benefits for travel expenses is not that simple. You have to reach a certain expense threshold to qualify and even after that only a certain portion is tax deductable.

    If you are really interested in finding out, I am sure that you can go to the irs website and skim through the instruction booklets for the various 1040 forms and their addendums. (ie. 1040EZ, 1040A, 1040, etc).
     
  7. Tigerz_Fan

    Tigerz_Fan also known as Towanda!!!
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    Thank you! At least I know where to start looking. I'm keeping all records, even McDonalds. I think you do have to reach a certain amount. It's worth a try, and I will see in the end. My flights alone have hit $3500, so we'll see...
     
  8. madcadaver

    madcadaver Senior Member
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    Another suggestion is to use the search feauture on this website... you'd be surprised how many times this EXACT question has been asked and answered. Try typing "travel expense tax deduction" or something similar in the search box.
     
  9. MBK2003

    MBK2003 Senior Member
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    You can't deduct job search expenses if you haven't already been "employed" in that field. He said that people have deducted residency interview expenses in the past when they itemize their returns but that it will never stand up in an audit. You can deduct the travel expenses when you interview for jobs following residency since you've been "employed" as a physician for at least the past 3 years. I know lots of friends who got H&R Block to deduct the travel expenses for residency interviews, but my guy was not willing to stand behind that if I was audited.
     
  10. Tigerz_Fan

    Tigerz_Fan also known as Towanda!!!
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    I will have to do some digging. I've been employed as a bench doc, so I wonder if I can still get away with it.
     

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