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Tax Deductions
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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 do you calculate what percentage of the conference expenses can be deducted from private practice income?


Zip Code: 02143

Re: private practice deduction when also salaried in the same field

Great question.

What I tend to see is that people with a private practice first deduct the directly related income - such as rent, supervision, and malpractice insurance - directly against the private practice income. Next, they deduct additional professional expenses that apply to both their salaried job and their private practice - such as conferences, licensing, and perhaps a home office - against their private practice income as well as long as these expenses don't cause the Schedule C for the private practice to show a loss.

Hope this answers your question.

Zip Code: 01801