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Tax expenses must be”ordinary” and “necessary”
By Andrew D. Schwartz CPA http://www.schwartzaccountants.com
According to the IRS, to be deductible, the expenditure must be both “ordinary” and “necessary” in connection with your medical profession or specialty.
The Definition
The IRS defines “ordinary” as common and accepted in a particular profession and “necessary” as helpful and appropriate for a particular profession.
The List
Here’s a list of 16 professional expenditures commonly incurred by young or mature health care professionals:
- Automobile expenses
- Beepers and pagers
- Books/library
- Cellular telephones
- Computer purchases
- Education, examinations & licenses
- Equipment & instruments
- Job search
- Malpractice insurance
- Meals & entertainment
- Parking & tolls
- Professional dues, journals & subscriptions
- Psychoanalysis as part of training
- Supplies
- Travel & lodging
- Uniforms & cleaning
Assessment
Please note: Employees, like hospitalists, may not deduct professional expenses that are eligible for reimbursement from their employer.
Conclusion
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Filed under: Taxation | Tagged: Andrew D. Schwartz CPA, Deducting Un-Reimbursed Professional Expenses, Taxation | 1 Comment »
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