So I've seen plenty of answers and discussion to the question, can you deduct interview and application expenses related to getting into a residency program and going directly from dental school to the residency program? These are not deductible. However, I have been working as a general dentist for 3 years and got into an ortho program starting this summer. Does anyone know if these application and interview expenses are tax deductible if I'm working as a general dentist and will continue to work as a dentist while in the program when I moonlight? I already have this job lined up. In my view, this is no different than any other CE that a dentist would take. It's obviously more time consuming, but if I continue to work as a dentist even just a few days a month, then this would just be similar to any other CE. I've talked to several different CPA's and the consensus answer is, they don't really know for sure. They say I have a legitimate argument and could likely avoid any penalties due to the argument, if audited and found to be wrong, but would just have to pay the interest. Does anyone know for sure?
Tax stuff
- Thread starter Colby Boy
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I would think these expenses are tax deductible, but can't say 100% since I'm no CPA. But, if your CPA can't answer this question definitively then maybe it's time you find a new one.
Hup
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Since you worked first and are then going back, I think you can deduct your expenses for it. There is a case precedent for this, I can't remember the details. Maybe google can help you. It was a woman who was in one career and then went back to further her eduction. I don't think she was in healthcare and she definitely was not in dentistry.
School expenses required to train for your 1st career or a new career are not deductible. School expenses required to enhance your existing career are fully deductible just like a CE course. Since ortho will enhance your career as a dentist, deduct it. Think big. Fees,tuition,books, 1/2 meals,travel costs, living costs (if you need to rent an apartment in another town for example). Be aggressive!
Incidentally, I subscribe to a news letter published every 2 weeks by a tax attorney that provides practical tips and advice for practice management, investment, and strategies to reduce taxes. His basic philosophy is to report every penny you make but be VERY aggressive in deductions. He also offers 2-4 day seminars on a variety of topics. He is excellent...if you want info to subscribe and try out his newsletter, PM me.
Congrats and good luck for the future!
Incidentally, I subscribe to a news letter published every 2 weeks by a tax attorney that provides practical tips and advice for practice management, investment, and strategies to reduce taxes. His basic philosophy is to report every penny you make but be VERY aggressive in deductions. He also offers 2-4 day seminars on a variety of topics. He is excellent...if you want info to subscribe and try out his newsletter, PM me.
Congrats and good luck for the future!
