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Posted by dman81 on June 21, 2008, 10:47 pm
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What are some common deductions that an educator can report?
What's usually recommended to keep the IRS radar away yet being able
to maximize my return?
Thank you!
Dan
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Posted by Brew1 on June 22, 2008, 4:30 pm
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> What are some common deductions that an educator can report?
> What's usually recommended to keep the IRS radar away yet being able
> to maximize my return?
>
> Thank you!
>
> Dan
>
Common deductions are publications, continuing ed, conferences,
travel. As to the
"IRS radar," you should take any unreimbursed, out-of-pocket expenses
that are a result
of your job and recognized as legitimate by the IRS (suits, ties, and
dry cleaning them don't
count). The IRS has been known to target certain miscellaneous
deductions and
occupations, but your obligation is simply to be able to show proof of
the expenses and
that they are directly connected to your W-2 income--if you can't
prove it, don't take it. Also keep
in mind that in order to benefit from miscellaneous deductions, they
must exceed 2% of your
adjusted gross income.
Apparently, there have recently been a significant number of
correspondence audits in regard to travel
expenses. What would matter during an IRS audit of an educator would
be the level at which they teach.
A 1st grade teacher would have difficulty justifying a research trip
to Paris that might be considered
legitimate for an art history professor. Anyone who wants to deduct
travel expenses should
refer to Publication 463 first. Common mistakes include taking
commuting expenses and claiming meals
when no overnight travel or business connection is involved.
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Dick Adams on June 22, 2008, 5:50 pm
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> What are some common deductions that an educator can report?
> What's usually recommended to keep the IRS radar away yet
> being able to maximize my return?
The answer is almost always "It depends." In the case of
educators, among of things, it depends on at what level you
are an educator. University professors are in the catbird
seat when it comes to deductions since research is whatever
you want to call it and still keep a straight face.
Once you are employed as full-time faculty at any accredited
institution, your further education is deductible as in an
MBA, Masters, Ph.D., but NOT Law or Medical Schools - usually.
Out-of-pocket expenses are a problem because you need to meet
a 2.5%(?) threshold of AGI before it is deductible dollar for
dollar. You are better off if the school sets aside a portion
of your salary in an accoutable plan to reimburse you.
It's a shame that I am retired - otherwise my two weeks in
OZ last year would have been deductible - somehow. I knew
a Professor who went to England for two months one summer,
interviewed for a faculty position at two Universities, and
worked on research. He took his wife and children with him
and stayed at the home of her parents. He was audited for
his home office deduction (right after the Soliman home
office decision came out). They tried to disallow his
expenses on the trip to England as a family vacation. His
postion prevailed at an administrative hearing.
Plan ahead, have less deducted, and pay a few dollars to
optimize your cash flow.
Dick
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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