What Dental Expenses Can Be Deducted?

If I paid for CE in 2011 that I am going to actually take in 2012, do I deduct it out of my 2011 taxes or my 2012 taxes?  I also paid for 2012 membership dues in AGD in 2011, which tax year would that deduction fall under?

You're a cash basis tax payer so generally you deduct your expenses in the year you paid them.

Also, when attending CE, what can you deduct?  Flight, food, etc? Or just the cost of the course?
Yes of course, travel like air-fare, train-fare, rental car, lodging, taxis, tips, meals while traveling for business, etc.

When I was looking for employment last year, can I deduct flights/car rentals used to travel to where I now work for interviews?
Job hunting expenses are deductible.

Can I deduct any of: DEA, licensing, board fees if I just graduated and they are NOT renewals?
Generally, yes.

I am not receiving ANY benefits and am paying for health, life, malpractice, disability insurance all on my own.  Is any of that deductible for 2011 or 2012?
Yes, some of it is: malpractice as a business expense, health as medical expense.

I am still looking for a CPA, so I only have all of your wealth of knowledge to fall back on right now...

Please advise.

Get a CPA NOW!

Thank you.

This first appeared on Dentaltown. 

For more information or to sign up for our newsletter, please contact arose@dentalcpas.com

Follow us on Twitter, Facebook and Pinterest

Who Should Pay for Dental CE Expenses?

If I'm taking a course and paying for hotel, etc what is the best way to benefit? Is it best to have my employer pay my CE and deduct from my pay check before taxes? Or is better for me to write a check for the CE and list it at the end of the year during taxes? How do people go about this?

Here's the deal:

You're better off letting the employer pay. You save both income AND payroll tax and you're employer saves their share of the payroll tax. Win\win.

IF you pay it personally you could list it as an unreimbursed employee business expense and you may lose a portion of it depending on your adjusted gross income OR you could be subject to AMT where you actually lose the benefit of the deduction.

If the employer pays you, you avoid all those what-if's & are GUARANTEED the income tax savings AND the payroll tax savings to boot.

This post first appeared on DentalTown.

Send your questions to Tim Lott, CPA, CVA at tlott@dentalcpas.com

For more information or to sign up for our newsletter, please contact arose@dentalcpas.com

Follow us on Twitter, Facebook and Pinterest