Dimond Tax Services - An Oakland Calfornia based Tax Return Preparation Firm
SUPPLIES & EXPENSES: daily transportation expenses between your residence and
keyexpenses
SUPPLIES & EXPENSES: daily transportation expenses between your residence and
Generally, to be deductible, items must be ordinary and necessary
to your medical profession and not reimbursable by your employer.
Record separately from other supplies the cost of business assets
that are expected to last longer than one year and cost more than
$100. Normally, the cost of such assets are recovered
differently on your tax return than are other recurring, everyday
business expenses such as business cards or medical supplies.
 
OTHER EXPENSES:
 
Expenses of looking for new employment in your present line
of work are deductible – you do not have to actually obtain a
new job in order to deduct the expenses. Out-of-town, job-seeking
expenses are deductible only if the primary purpose of the trip
is job seeking, not pursuing personal activities.
 
COMMUNICATION EXPENSES:
 
The basic local telephone service costs of the first telephone line
provided in your residence are not deductible. However, toll calls
from that line are deductible if the calls are business-related. The
costs (basic fee and toll calls) of a second line in your home are
also deductible if the line is used exclusively for business.
 
UNIFORMS & UPKEEP EXPENSES:
 
If you are required to wear a uniform in your medical profession,
the cost and upkeep may be deductible. IRS rules specify that
work clothing cost and the cost of its maintenance are deductible
if: (1) the uniforms are required by your employer (if you’re an
employee); and (2) the clothes are not adaptable to ordinary street
wear. Normally, the employer’s emblem attached to the clothing
indicates it is not for street wear. The cost of protective clothing
(e.g., safety shoes or goggles) is also deductible.
 
CONTINUING EDUCATION:
 
Educational expenses are deductible under either of two
conditions: (1) your employer requires the education in order for
you to keep your job or rate of pay; or (2) The education maintains
or improves skills as a medical professional. Costs of courses that
are taken to meet the minimum requirements of a job, or that
qualify you for a new trade or business, are NOT deductible.
 
AUTO TRAVEL:
 
Your auto expenses are based on the number of qualified business
miles you drive. Expenses for travel between work locations or
 
temporary work sites are deductible; include them as business
miles. Expenses for your trips between home and work each day,
or between home and one or more regular places of work, are
COMMUTING expenses and are NOT deductible.
 
Document business miles in a record book as follows: (1) give the
date and business purpose of each trip; (2) note the place to which
you traveled; (3) record the number of business miles; and (4)
record your car’s odometer reading at both the beginning and end
of the tax year. Keep receipts for all car operating expenses – gas,
oil, repairs, insurance, etc. – and of any reimbursement you
received for your expenses.
 
OUT-OF-TOWN TRAVEL:
 
Expenses accrued when traveling away from “home” overnight
on job-related and continuing-education trips are deductible.
Your “home” is generally considered to be the entire city or
general area where your principal place of employment is located.
Out-of-town expenses include transportation, meals, lodging, tips
and miscellaneous items like laundry, valet, etc.
 
Document away-from-home expenses by noting the date,
destination and business purpose of your trip. Record business
miles if you drove to the out-of-town location. In addition, keep a
detailed record of your expenses – lodging, public transportation,
meals, etc. Always list meals and lodging separately in your
records. Receipts must be retained for each lodging expense.
However, if any other business expense is less than $75, a receipt
is not necessary if you record all of the information in a timely
diary. You must keep track of the full amount of meal and
entertainment expenses even though only a portion of the amount
may be deductible.
 
PROFESSIONAL FEES & DUES:
 
Dues paid to professional societies related to your medical
profession are deductible. However, the cost of initial admission
fees paid for membership in certain organizations or social clubs
are considered capital expenses.
 
Deductions are allowed for payments made to a union as a
condition of initial or continued membership. Such payments
include regular dues but not those which go toward defraying
expenses of a personal nature. However, the portion of union
dues that goes into a strike fund is deductible.
 
Tax Deductions for:
Medical
Professionals
OccupationalSeries
The information provided in this brochure is an abbreviated summary of the rules for the job-related expenses applicable to medical professionals.
For additional details as to specific business expenses, the records required and the various governmental regulations,
consult the firm providing this brochure.
 
 
OB24 © ClientWhys, Inc.
 
introductionIn order to deduct expenses in your trade or business, you must
show that the expenses are “ordinary and necessary.” An ordinary
expense is one that is customary in your particular line of
work. A necessary expense is one that is appropriate but not
necessarily essential in your business. The application of these
terms to you relies heavily on the “facts and circumstances” of
your unique situation.MedicalProfessionals
Tax
Deductions for:
introductionIn order to deduct expenses in your trade or business, you must
show that the expenses are “ordinary and necessary.” An ordinary
expense is one that is customary in your particular line of
work. A necessary expense is one that is appropriate but not
necessarily essential in your business. The application of these
terms to you relies heavily on the “facts and circumstances” of
your unique situation.MedicalProfessionals
Tax
Deductions for:
SUPPLIES & Expenses: AUTO Travel: UNIFORMS & Upkeep:
 
Answering Service
Cellular Service
Paging Service
Pay Phone
Toll Calls
Internet Access
Other:
Answering Machine
Bag - Medical
Beeper - Pager
Briefcase
Business Cards
Business Meals (Enter 100% of Expense)
Medical Equipment
Office Supplies
Recorder & Tapes
Referral Service
Repairs - Equipment
Stationery
Other:
Other:
Other:
Alterations & Repairs
Shoes
Cleaning
Hat, Cap
Jacket
Laundry
Pants
Scrubs
Other:
Other:
Other:
Between Medical Facilities (mi)
Continuing Education (mi)
Interviews - Position
Out-of-Town Business Trips (mi)
Patient House Calls (mi)
Purchasing Equipment & Supplies (mi)
Uniform Cleaning & Maintenance (mi)
Parking Fees ($)
Tolls ($)
Other:
CONTINUING Education:
 
Airfare, Train & Bus
Bridge & Highway Tolls
Car Rental
Laundry
Lodging (do not combine with meals)
Meals (do not combine with lodging)
Parking
Porter, Bell Captain
Taxi & Subway
Telephone Calls (including home)
Other:
Other:
Other:
Other:
Correspondence Course Fees
Lab Fees
Materials & Supplies
Photocopy Expenses
Reference Material
Registration Fees
Seminar Fees
Textbooks
Transcripts
Tuition
Other:
Other:
COMMUNICATION Expenses:
 
OUT-OF-TOWN Travel:
 
OTHER Expenses:
 
PROFESSIONAL Fees & Dues:
 
Malpractice Insurance
Journals - Medical
Legal (Protection and production of taxable income)
Liability Insurance
Periodicals - Medical
Resumé - Job Seeking
Other:
Other:
Alumni Dues
Medical Association Dues
Professional Association Dues
Union Dues
Other:
Other:
 
 
 
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