I recently filed my taxes for 2015 and this was the first time I've done any moonlighting. I don't think I incurred many business expenses, outside of paying for my medical license, and my controlled substance and DEA registrations. (Compared to these fees, anything else I spent money on was negligible.) On top of my payment for services I was paid a flat rate for travel, so I didn't claim any mileage, though I've heard that I still could. Because I figured any other business expenses were negligible (using my own paper for notes, etc.), I didn't bother trying to add it all up. But since I'm planning on a full year of moonlighting for 2016, I might as well start keeping track of the expenses I can deduct on my taxes for this year. What exactly should I be keeping records of? Also, I plan to interview later this year for my first full time job as an attending. Are there expenses I can deduct when traveling for job interviews?
Tax Question: What can be claimed as deductible expenses when moonlighting?
- Thread starter Ψ-117
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Not too much. Hotel, car rental, gas.
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Generally you can only deduct interview and job search related expenses if you're been unemployed for a certain amount of time (6 months or something like that). And the places that my wife's co-fellows/residents interviewed at all paid for their travel expenses. But you can deduct moving expenses if the new job is more than 50 miles away.
Since you'll be getting partial reimbursement for your travel expense you'll want to keep track of everything for your travel and then net them against the reimbursement you received (I think Turbo Tax and the like do this for you). You might want to keep meals expenses separate from the rest as these usually have slightly different rules.
You may just want to get an accountant to help you with estimated taxes and whatnot. I wish I did during my wife's short moonlighting time... we're trying to decide whether it's worth it to have one do our taxes now that she's an attending. Ours aren't super complicated it's just a pain.
As above. You can deduct what is not reimbursed. I get paid mileage, but it's less than what IRS allows so deduct the difference. You can also deduct things like CME, cellphones bills, internet usage, home office expenses if they were used for work related activities. Make sure you have all bills to support it. Turbo tax and other software will help but make sure you buy the right level - for me it's the most expensive level they sell.
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I'd recommend popping for an accountant at least for your first year in which you can start itemizing. Rates vary, but if you don't have a lot of complications like stocks and mortgages, you can usually get this done for a few hundred bucks.
Doing it once, you'll get professional and up-to-date advice on what you can and can't write off and then file independently the next couple years if you want.
Doing it once, you'll get professional and up-to-date advice on what you can and can't write off and then file independently the next couple years if you want.
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Check out http://www.mdtaxes.com/mdbusexp.html
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It's not opening for me for some reason.
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Certainly not perfect, but it gives you a list of expenses to possibly write off. I use most of these deductions.
