Tax Deductions

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OB Mom

Deducting malpractice insurance tail coverage with W-2 and 1099 income

Hi, I left my previous position in April 2019 and had to pay for my own malpractice tail coverage. Most of my income is W-2 from medical practice, although I was a shareholder at the time. I also have some limited 1099 income from a side gig which did require that...

Views: 106 Replies: 0

Last Post: Jan 5, 2020 2:20am
by OB Mom

Oleg

Health insurance deduction , HELOC deduction

Hello , Two questions : 1. If my health insurance premium above 10 % adjusted income - can I deduct it as health related expenses ? 2. How beneficial from tax point use HELOC vs personal saving money to start new medical business ? Thanks , Oleg

Views: 252 Replies: 1

Last Post: Sep 10, 2016 7:08am
by Andrew Schwartz ...

Sam

deducting disability insurance premium via employer business expense reimbursement account

Hello, I am a hospital based employee. I pay for my own disability insurance. My employer provides me with an option for me to contribute up to $5,000 to a business expense reimbursement account, from which they then reimburse me for business related expenses (gas...

Views: 271 Replies: 1

Last Post: Apr 20, 2016 3:39pm
by Andrew Schwartz ...

Keith W.

Foreign Income Exclusion and Foreign Tax Credit

Hello Andrew, With regard to the foreign income exclusion for those working overseas (who qualify), does the exclusion apply to income from the bottom up or top down? This is important when determining if the foreign tax credit may be applied to tax paid on income...

Views: 290 Replies: 0

Last Post: Mar 4, 2016 6:23pm
by Keith W.

Tiffany Nance

my state refund 2014

I am trying to appeal my 2014 state refund

Views: 292 Replies: 0

Last Post: Feb 23, 2016 10:17am
by Tiffany Nance

Angela

entertainment/meal deduction for husband/wife

My husband and I are both partner physicians in the same medical group. For dinners out together where we discuss work topics, can we each claim 50% of the meal thus deducting 100% of meal?

Views: 233 Replies: 3

Last Post: Nov 17, 2015 7:52pm
by Andrew Schwartz ...

Steven Wentzel

Post Prelim Year Tax Deductions

Hi, I was wondering if it was possible to deduct Match application fees and/or interview travel expenses as job-seeking costs since my wife is completing a prelim residency (and thus has had her first job in the field) and acquired a new position for years 2-5 at...

Views: 193 Replies: 0

Last Post: Mar 31, 2015 3:03pm
by Steven Wentzel

Amar

legal fees for contract review

I am wondering if the fees paid to a lawyer for review of an employment contract are deductible as a miscellaneous deduction Line 23 on Schedule A? Thanks.

Views: 222 Replies: 2

Last Post: Mar 1, 2015 8:40pm
by Amar

Bruce Johnson

Deducting Losses from Treating Uninsured Patients

If a physician is self-employed (LLC) as a traumatologist, on call with a Level II trauma center, can he or she or she deduct losses incurred as a result of treating uninsured patients in California? Providing medical care is not optional. As such, I would have to im...

Views: 194 Replies: 1

Last Post: Mar 1, 2015 8:34pm
by Andrew Schwartz ...

professional expenses/deductions

I'm an employed physician, getting a W2. I have other career expenses, not specifically related to my W2 job. (e.g.: maintaining licensure in other states). What is the best way to deduct these? Is there any way around the initial 2% of expenses not being deducti...

Views: 271 Replies: 1

Last Post: Feb 3, 2015 9:47pm
by Andrew Schwartz ...

Raj singh

Healthcare Premium Tax Deduction

My wife was let go from work this year and 3 months ago, her COBRA started - subsidized the first few months by her company (she had to pay just her employee share as if she was working). We are now going to have the cost shift 100% to us (monthly $1850 premium)....

Views: 266 Replies: 0

Last Post: Dec 11, 2014 11:39pm
by Raj singh

Jeff

Practice buy in

I would like to find out if a buy-in purchase of a medical practice that is distributed over several years can be done pre tax? Thank you

Views: 241 Replies: 1

Last Post: Jul 29, 2014 9:39pm
by Andrew Schwartz ...

Andy

Executive MBA deduction

Hi everyone- I am a physician and my accountant says I already fall under AMT. I want to do an executive MBA which will cost a lot of money and was hoping to deduct it. I know that it is deductible, but it seems like the AMT will prevent me from getting any benefi...

Views: 245 Replies: 1

Last Post: Apr 18, 2014 10:13am
by Andrew Schwartz ...

Jacob

sabbatical abroad

I intend to do a sabbatical in Australia for 1 year, starting summer 2014. Getting my US specialist training assessed as comparable took about 12 months and about $8000 (assessment fee) plus $1500 medical registration fee, incurred in 2013. Are these deductible expen...

Views: 205 Replies: 1

Last Post: Apr 18, 2014 10:09am
by Andrew Schwartz ...

Deborah Smith

Business deduction for lodging for essential hospital personnel

I live 75 miles from the hospital and outpatient clinics where I work. Due to the severe winter I have been staying at a nearby hotel on occasion in order to be at work. I have been told that I am considered an essential employee and must be there for scheduled proce...

Views: 265 Replies: 2

Last Post: Feb 19, 2014 11:38am
by Deborah Smith

Brian Weylie

Medical Scribe Question

Hi, Thanks for the great advice on the forums and website. Can I deduct the cost of a medical scribe on my taxes? Is this cost considered a business expense in the eyes of the IRS? I am an independent contractor and the staffing company I work for pays par...

Views: 283 Replies: 2

Last Post: Jan 28, 2014 1:37pm
by Brian Weylie

Sarah

private practice deduction when also salaried in the same field

My husband works full-time as a psychiatrist and has a small private practice. He recently attended a professional conference which required airfare, accommodations and conference fees. Can all of this be used as a deduction from the private practice? If not, how...

Views: 272 Replies: 1

Last Post: Oct 22, 2013 7:45am
by Andre Schwartz C...

John

Home Equity Loan Deductions

I want take a HELOC on my primary home to pay down the mortgage of a second home that we are renting out. The Primary home mortgage already is at the $ 1million maximum limit for mortgage interest deduction. So would I be able to deduct interest from the HELOC s...

Views: 376 Replies: 2

Last Post: Jul 10, 2013 6:18am
by karol

raddad

tail insurance question

I have worked for a university health system now for 2 years. As part of my initial employment agreement, they payed my tail insurance which was about 60k. The condition was that this money would be loaned to me initially, and after 2 years of employment, this amou...

Views: 297 Replies: 1

Last Post: Jul 2, 2013 7:56pm
by Andrew Schwartz

Resident/Fellow

Relocation Allowance Tax Question

Hi, I'm about to sign a contract and was able to negotiate a relocation allowance of $7000, paid as a "bonus." As far as I'm aware, my moving expenses are tax deductible (they meet the mileage requirements). Are these expenses tax deductible regardless of income...

Views: 273 Replies: 1

Last Post: Jun 30, 2013 5:52pm
by Resident/Fellow

Nida Arabi

Internal Medicine board exam certification

Me and my husband took our Internal Medicine board exams in 2012. This is not required for licensing or jobs. We are currently in our fellowship. Is this expense tax deductible? Thank you.

Views: 430 Replies: 1

Last Post: Mar 1, 2013 9:18pm
by Andrew Schwartz ...

Sarah

Fellowship Deductions

Help! I am doing our taxes and need confirmation whether some fees would be deductible this year. If all can be counted, I think we will exceed the 2% limit. My husband is in his third and final year of a Pulmonology/ Critical Care Fellowship. He has employment se...

Views: 420 Replies: 1

Last Post: Mar 1, 2013 9:12pm
by Andrew Schwartz ...

Lesley

Internet access

I am required to have computer access from home. Is a portion of my monthly bill for internet access deductible?

Views: 313 Replies: 1

Last Post: Jan 18, 2013 7:58pm
by Andrew Schwartz ...

GeriatricMD

Malpractice tail coverage

Hi - I was employeed from 1/2011-7/2011 in a private practice as an employee and when I left had to purchase my own malpractice tail insurance. I was unemployeed from 7/2011 until 10/31/2011. Is the malpractice tail that I am paying in 8 installments deductible? I...

Views: 459 Replies: 1

Last Post: May 7, 2012 9:51am
by Andrew Schwartz ...

Jonathan

Board Certification

I have heard differing opinions on whether Board certification exams are deductible. (ABIM Cardiology Boards). Are Specialty Board exams tax deductible? It is not part of licensing process and not required to practice medicine. I have a state medical license that...

Views: 619 Replies: 1

Last Post: Feb 12, 2012 4:58pm
by Andrew Schwartz ...

Joe

drug rehab

can a physican who was mandated to rehab in order to continue practice deduct this as a business expense? he has completed the impaired physician program and is practicing actively. Is in good recovery and has a license that is uncontested provided he continue his co...

Views: 401 Replies: 1

Last Post: Sep 25, 2011 10:31am
by Andrew Schwartz ...

Anonymous

Deduction for Charitable Travel

I will be working as a volunteer at a hospital in Botswana in November and my wife will be coming too. Is any part tax deductible?

Views: 384 Replies: 1

Last Post: Jul 11, 2011 8:50pm
by Andrew Schwartz ...

jpicconi

Deductions for moonlighting

I moonlight about 100 miles away from home on weekends and stay in a hotel. Can I deduct meals, travel, and the hotel?

Views: 342 Replies: 1

Last Post: May 12, 2011 8:30pm
by Andrew Schwartz ...

Oleg

tax deduction and 1099 form for paying for parent care

Hello , I pay caregiver of my disable father for medical care ( full time 40 hrs a week ) . What form of income information( ? 1099 ) should I supply to careviver and what deduction I can file . Thanks

Views: 315 Replies: 0

Last Post: Mar 8, 2011 1:52am
by Oleg

Mike

Origination Fee

Hi, I took out a mortgage on a new house last year. I read online that the origination fee is only tax deductible if it is a percentage of the loan and is not deductible if it is a flat amount. I looked through the IRS Publications and didn't see this mentioned....

Views: 549 Replies: 3

Last Post: Feb 27, 2011 5:14pm
by Andrew Schwartz ...

Marie

Deducting Prepaid Mortgage Interest

Hi Andrew, I prepaid my monthly mortgage payments due 1/1/11, 2/1/11, and 3/1/11 by the end of 2010. My understanding is that the mortgage interest for the 1/1/11 payment is deductible on my 2010 taxes, but the interest for the 2/1/11 and 3/1/11 payments is not....

Views: 301 Replies: 1

Last Post: Feb 20, 2011 9:29pm
by Andrew Schwartz ...

Tom Tuttle

Deduction question

Folks, Incredibly useful site. Your input is greatly appreciated. Quick question. I have had several trees fall on my property this winter, several times interrupting critical services to my house (electricity, internet cable). I am required to have 24 hour c...

Views: 310 Replies: 0

Last Post: Jan 27, 2011 10:47am
by Tom Tuttle

Oleg

donations

What is regulations on charitable donations ( amount , docs ) Thanks , Oleg

Views: 382 Replies: 1

Last Post: Oct 10, 2010 1:32pm
by Andrew Schwartz ...

Lauren

Fellowship travel expenses

Hello, I am a recently graduated internal medicine resident who matched to a subspecialty fellowship program in 2010. I traveled extensively in Winter 2010, and there were also fees associated with signing up for the match. I am wondering if I can use these travel...

Views: 409 Replies: 1

Last Post: Sep 21, 2010 9:37pm
by Andrew Schwartz ...

Lucy

deducting disability insurance

Hello MD Taxes: I have an S-Corp. Can I deduct my disability insurance as a business expense? If I do so and become disabled, will my disability benefits be taxed as income? If I don't deduct the disability insurance, will my disability income be tax free? How...

Views: 414 Replies: 2

Last Post: Sep 20, 2010 4:01pm
by Lawrence B. Kell...

Anonymous

Deducting Moving Expenses

I will be relocating to Charlotte in the summer for at least 6-12 months. I have a question about writing off the actual flight to Charlotte as I will not be issued a moving reimbursement. Prior to my returning to Charlotte, I will take advantage of a non-work...

Views: 347 Replies: 1

Last Post: Jun 16, 2010 10:26am
by Andrew Schwartz ...

Oleg

elderly care

Hello , Is any tax benefits for paying for care of elderly parents for " high income " individuals ? Thanks , Oleg

Views: 369 Replies: 2

Last Post: Apr 21, 2010 9:18am
by Gary Davis CPA

Nicholas Carson

Deductions for Educational Travel

I practice in Kentucky, and I am planning to travel to Jeruselem for a medical confernece in November. It is a joint meeting with doctors from the US, Western Europe,and Israel. Can this trip be dedducted as "educational travel" even if ACCME Continuing Education...

Views: 352 Replies: 1

Last Post: Mar 15, 2010 8:15pm
by Andrew Schwartz ...

Tax deduction for travel and living expenses for temporary job

Hi, I am completing my medical residency in June in FL and then will be doing a 12 month fellowship in MO to further my training in my specialty as a condition for my employment back in FL with the same hospital where I completed my residency. I own a home in FL a...

Views: 317 Replies: 1

Last Post: Mar 7, 2010 6:23pm
by Andrew Schwartz ...

ANONYMOUS

Financial Planning Deduction?

Hi, I have a quick question. My financial planner says that his fee is deductible on my federal income tax. Is that correct? Thank you for your help.

Views: 319 Replies: 2

Last Post: Mar 1, 2010 2:40pm
by ANONYMOUS

Andrew Schwartz CPA

UDoGood is Now Available on the App Store to Track Your Non-Cash Contributions

I don't normally post items like this on the message board, but I've had quite a few clients ask for info about our the new iPhone App UDoGood that I helped design, we thought we'd share the links with all of our clients. -----------------------------------------...

Views: 334 Replies: 0

Last Post: Feb 23, 2010 5:21pm
by Andrew Schwartz ...

Terry

Board Review Course and/or Board Exam Deductions

What, if any, expenses for my husband's board review course and/or the board exam itself are tax deductible? We don't itemize at the moment, as we don't have more than the standard deduction without a mortgage, etc. But I do have quite a lot of expenses this year...

Views: 698 Replies: 1

Last Post: Nov 5, 2009 11:36am
by Andrew Schwartz ...

anonymous

Legal fee deduction?

Hi, I just had a quick question: I recently changed jobs and I had an attorney review my new contract prior to signing it. Is her fee deductible as a job search expense or in some other way? Thank you.

Views: 594 Replies: 3

Last Post: Jul 24, 2009 9:18am
by Andrew Schwartz ...

Shaun

overnight moonlighter meal deduction

If a moonlighter works overnight (eg, 7pm-7am) can the standard meal deduction alowed by the IRS ($39-$64) be used if the hospital is one of several that the moonlighter works through a staffing agency (ie, the assignments are always temporary on a month by month sch...

Views: 529 Replies: 1

Last Post: Jul 14, 2009 12:57pm
by Gary Davis