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  Re: Where to deduct: Schedule C or Form 2106 Harlan Lunsford 04-05-2008  Re: Where to deduct: Schedule C or Form 2106 Adam H. Kerman 04-05-2008  Re: Where to deduct: Schedule C or Form 2106 patsheets 04-14-2008  Re: Where to deduct: Schedule C or Form 2106 Phil Marti 04-14-2008  Re: Where to deduct: Schedule C or Form 2106 Haskel LaPort 04-05-2008
Posted by Bob on April 5, 2008, 4:45 pm Please log in for more thread options 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? -- << ------------------------------------------------------- >> << 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 Harlan Lunsford on April 5, 2008, 7:28 pm Please log in for more thread options 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 Please log in for more thread options >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 Please log in for more thread options > >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 Please log in for more thread options > 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. >> << ------------------------------------------------------- >> Similar Threads Posted Form 2106 question February 6, 2007, 9:39 pm Where do I report dividends paid on Form 5471 Schedule C or Schedule F March 12, 2008, 9:23 am Schedule C or Form 4137 + Schedule U ? March 30, 2007, 4:35 am Single Member LLC filing form 8832 (S corp taxation)--can I deduct recent expenses? December 11, 2007, 12:36 pm Do I deduct my 4th estimated tax payment for 2006, made in Jan 2007 on 2007 schedule A line 5? 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