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The most frequently asked tax questions, answered by our network of licensed accountants.
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Musician - formal wear
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Generally, if your job requires you to wear expensive clothing you may not claim a deduction.
A deductions for work clothes have been allowed for musicians formal wear. Speak to your local CPA about the deductibility of your formal wear.
A deductions for work clothes have been allowed for musicians formal wear. Speak to your local CPA about the deductibility of your formal wear.
Mechanic - steal tipped safety shoes
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
You are allowed a deduction for your steel tipped safety shoes.
You can claim it as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.
Employment Agency costs
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
The amount you paid the employment agency for your new job are deductible as a job hunting miscellaneous itemized deduction reportable on IRS Schedule A subject to the 2% limitation.
Politician - out of pocket expenses
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Elected officials who incur out of pocket expenses in excess of any allowances received from the government may deduct as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% limitation.
Examples of out of pocket political expenses are office rent, salaries, supplies.
Examples of out of pocket political expenses are office rent, salaries, supplies.
College Planning & Financial Aid
Can I deduct the amounts I pay for Law School ?
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
No. The IRS does not allow a deduction for law school because they consider the costs of law school to qualify the student for a new profession.
As an attorney , can I deduct the costs of a master's law degree program ( LLM ) ?
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Generally yes. As an attorney you can deduct the costs of a master's degree program (LLM), if you are a practicing attorney at the time of the master's course.
As a doctor, Refresher courses - deductible ?
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Yes. As a doctor or nurse you may deduct the cost of refresher courses. The IRS feels these courses are required to maintain or improve your job skills.
Refresher courses - Transportation
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
If you are allowed a deduction for courses that maintain or improve your job skills and do not qulaify you for a new profession then the costs of local transportation and travel away from home are deductible.
Report these costs as an itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.
Report these costs as an itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.
Stockholder meeting
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Trips to attend a stockholder meeting are not deductible. In rare situations when a majority stockholder attended a meeting to present a resolution, he was allowed a deduction.
Most stockholders who attend meetings to pick up information for future investment decisions are not allowed a deduction.
Most stockholders who attend meetings to pick up information for future investment decisions are not allowed a deduction.
Casualty loss- Appraiser fees
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Yes. Amounts you paid to an appraiser for determining your casualty loss are deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.