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Posted by Seth Breidbart on March 21, 2007, 2:06 pm
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> For example if I were still filing a schedule c, no way I
> could deduct a course in Greek art.
Well, maybe a way.
Suppose you were trying to get a Greek art museum as a
client (or the chairman of it, for his personal stuff) and
you took the course in order to be able to chat with him
about stuff he's interested in?
Seth
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Posted by Harlan Lunsford on March 23, 2007, 6:12 am
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>> For example if I were still filing a schedule c, no way I
>> could deduct a course in Greek art.
> Well, maybe a way.
>
> Suppose you were trying to get a Greek art museum as a
> client (or the chairman of it, for his personal stuff) and
> you took the course in order to be able to chat with him
> about stuff he's interested in?
Nope. Doesn't meet the ordinary and necessary tests.
ChEAr$,
Harlan
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Seth Breidbart on March 25, 2007, 12:26 pm
Please log in for more thread options >>> For example if I were still filing a schedule c, no way I
>>> could deduct a course in Greek art.
>> Well, maybe a way.
>>
>> Suppose you were trying to get a Greek art museum as a
>> client (or the chairman of it, for his personal stuff) and
>> you took the course in order to be able to chat with him
>> about stuff he's interested in?
> Nope. Doesn't meet the ordinary and necessary tests.
Schmoozing (potential) clients isn't ordinary and necessary?
Seth
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Benjamin Yazersky CPA on March 20, 2007, 1:47 am
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> Publication 970 clearly states that I can deduct education
> expenses as part of being self-employed. Does this cost go
> on Schedule C as a business expense or Schedule A as a
> deduction?
It depends on what the education is for.
If its required to your business (the sch c), then it
belongs there.
If its unrelated to your business, you should look into the
education credits & deductions.
For example, if I take a course required to maintain my CPA
license, I deduct it on schedule C.
If I take college courses in any other field unrelated to
my business, I would select the education credit or
deduction which benefits me the most, based upon my tax
calculations.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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