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Where to deduct: Schedule C or Form 2106

  
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Subject Author Date
Where to deduct: Schedule C or Form 2106 Bob 04-05-2008
Posted by Bob on April 5, 2008, 4:45 pm
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 I am an employee of a public agency and also do a little consulting on
the side. Some of my expenses, e.g., subscriptions to professional
journals, dues to professional organizations, I could claim as either
Schedule C business expenses or employment-related expenses on Form
2106. Is there any advantage of one over the other?

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Posted by Harlan Lunsford on April 5, 2008, 7:28 pm
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 Bob wrote:
> I am an employee of a public agency and also do a little consulting on
> the side. Some of my expenses, e.g., subscriptions to professional
> journals, dues to professional organizations, I could claim as either
> Schedule C business expenses or employment-related expenses on Form
> 2106. Is there any advantage of one over the other?
>
Not really a question of advantage. The correct treatment is to pro
rate the deduction based on relative incomes from each activity.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Adam H. Kerman on April 5, 2008, 8:24 pm
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>I am an employee of a public agency and also do a little consulting on
>the side. Some of my expenses, e.g., subscriptions to professional
>journals, dues to professional organizations, I could claim as either
>Schedule C business expenses or employment-related expenses on Form
>2106. Is there any advantage of one over the other?

Claiming more business expenses on a Schedule C would reduce your
self-employment tax. Unreimbursed employee business expenses and
miscellaneous deductions are itemized deductions only to the extent they
exceed 2% of your adjusted gross income.

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by patsheets on April 14, 2008, 10:44 am
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> >I am an employee of a public agency and also do a little consulting on
> >the side. Some of my expenses, e.g., subscriptions to professional
> >journals, dues to professional organizations, I could claim as either
> >Schedule C business expenses or employment-related expenses on Form
> >2106. Is there any advantage of one over the other?
>
> Claiming more business expenses on a Schedule C would reduce your
> self-employment tax. Unreimbursed employee business expenses and
> miscellaneous deductions are itemized deductions only to the extent they
> exceed 2% of your adjusted gross income.

Can items on Schedule C also be listed on 2106 by real estate agent
(independent contractor) and submitted?

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Phil Marti on April 14, 2008, 11:10 am
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> Can items on Schedule C also be listed on 2106 by real estate agent
> (independent contractor) and submitted?

I must be missing something, because it sounds like you want to deduct the
same expenses twice: once on Schedule C and once on Schedule A via the
2106. No, you can't.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< 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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