what items can u use tax deductions on?

[bulldog]

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i'm in process of filing my taxes. can i use interview fees, gas, gps, dining, hotel, airfare, etc during interview trail as write-offs for tax deductions?

 

[edmadison]

Not a one, unfortunately. You can not deduct interview/job hunting expenses for your first job in a new field. The good news is that you can (at least I argue) deduct fellowship interviewing expenses.

Ed

 

[NYCRES]

what about residency as a whole. what can we as residents and/or fellows use as tax deductions?

Can we use items like cellphone, computer, books etc?

What about moving expenses to your pgy1 residency?

 

[John Deere Gree]

What about moving expenses to your pgy1 residency?

You can always deduct moving expenses as long as you meet the mileage and time requirement.

 

[Law2Doc]

what about residency as a whole. what can we as residents and/or fellows use as tax deductions?

Can we use items like cellphone, computer, books etc?

What about moving expenses to your pgy1 residency?

There are very specific rules regarding moving expenses, so you probably will need to see an accountant to not run afoul of these. As mentioned, there are mileage requirements before it becomes a valid expense. And it's not like you can just say it is costing me $3000 to move so I'm deducting $3000. It's a bit easier if you hire a moving company and have that specific billing amount to deduct, and to prove when you get audited (and change of income (from 0 to 40k) often is enough of a one year change for the IRS computer to decide to audit you). You can always deduct medical books and journals once you are employed as a physician, but that only helps you if you itemize. You can't deduct a computer unless you are required to purchase it for your employment and use it primarily for employment. Meaning if you bought it just because you wanted it, and mostly use it for email and face book, SDN and other non-employment needs then forget it. You cannot generally deduct a cell phone unless you are required to purchase a particular one by an employer and used primarily for employment. But if you have an itemized phone bill you certainly could deduct calls made relating to your employment. The short answer is, as residents, who are employees not expected to buy anything specifically for your employment, you aren't going to get many, or even any business deductions. Once you own your own practice, then the deduction gravy starts.

 

[t33sg1rl]

Scrubs are tax deductible, they count as a uniform... and unless you have a big deduction like a mortgage, you won't itemize and deductions don't help.

But rather than worrying over nickels and times, shoot for the big stuff like houses, babies. The year of your medical school graduation, you'll also be eligible for some education benefits, since you'll have paid tuition and earned a salary in the same year. Your first 2500 of student loan interest is deductible. And, of course, charitable contributions-not a biggie for most residents but for churchgoers who're giving a significant income percentage, it can make a nice difference at tax time.

p.s. Does anyone else think deductions for higher education are ABSOLUTELY ******ED since full time students don't really have much tax liability anyway? This is an evil government plot so that they can pretend to help students while actually doing nothing at all.

 

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