Another big thing on deducting and or itemizing for this is if you do W-2 work or 1099. I've been writing this stuff off since '98 doing 1099 work including the Cisco equipment. If your going to do this though get an accountant. These types of things become an IRS red flag for an audit. There's a fine line in what the IRS will allow and will not. Cross your "T's" and dot your "I's" and be sure to have receipts and documentation for everything. Best bet is to get a CPA to see if you can do it as this will be applied to your individual situation.
-Eric R. ----- Original Message ----- From: "J.D. Chaiken" To: Sent: Friday, January 24, 2003 1:10 PM Subject: OT: Re:Hey Chuck, tax question on certs [7:61778] > From the IRS Website: > (http://www.irs.gov/taxtopics/page/0,,id%3D105559,00.html -- watch for wrap) > Generally, you cannot deduct education and training expenses for yourself, > your spouse (if married) or your dependent as a business expense unless the > education or training: > > a.. Maintains or improves a skill required in a trade or business you are > currently engaged in, > a.. Meets the express requirements of your employer, or > a.. Meets the requirements of law or regulations which are conditions of > continuing your employment. > > There are 2 caveats that I should point out. > > 1. If you were reimbursed for the certifcation you cannot deduct it. > Unless you were repaid in a subsequent tax year than when you spent the > money. Then you would be to deduct from the first year, and then pay for it > in the second year. > > 2. If you are getting certified to obtain a raise or to get another job, > the expenses are not deductable. > > Hope this helps > Jarett > > ""Scott"" wrote in message > [EMAIL PROTECTED]">news:[EMAIL PROTECTED]... > > Chuck, > > > > I remember sometime last year that you mentioned a way to deduct > > certification expenses from your taxes. I was wondering if you could > > enlighten the masses on how this works and what is deductible? Can we > > deduct all travel expenses and cost of exams? Any loopholes to look out > > for? > > > > Would usually do this offline, but since it affects everybody here I > thought > > it would be a constructive discussion for all. > > > > Thanks, > > > > Scott > > CCIE #9340 Message Posted at: http://www.groupstudy.com/form/read.php?f=7&i=61809&t=61778 -------------------------------------------------- FAQ, list archives, and subscription info: http://www.groupstudy.com/list/cisco.html Report misconduct and Nondisclosure violations to [EMAIL PROTECTED]
