Deductible?

Ok, so DW has decided that there is a journal that she just has to have... not like we don't have enough Peds in Review laying around, needing to be read....not to mention all the other Med mags, JAOA, Consultant, The D.O., and so on...but I digress.
So, is a subscription to a professional journal tax deductible? I am thinking that it is, but not positive. It is only an issue because it is freaking expensive!! Just curious, anyone have any input?! Thanks!

[SuzySunshine]

Matt, I came across this site last year during tax time. It says they are. About 1/2 way down the page under Professional dues, jounals and subscriptions...http://www.mdtaxes.com/mdbusexp.html

Thanks Cheri!


BTW, how was the concert?

[SuzySunshine]

We're leaving as soon as my DH gets home, about 45 minutes. I'll fill you in tomorrow!

oh yeah. journals are SO deductable. we also do texts, white coat "laundering" and pretty much anything else we can blame on this profession.

I was thinking that journals fall under the professional costs deduction line that has to exceed a certain percent of your income (2%??) before you can deduct. So, some years we have deducted (boards years, etc) and other years not. But I can't remember for sure.

I think you're right, Nellie. You can only deduct business expenses that exceed 2% of your income. We've deducted journals in the past, but I don't think we'll have enough business expenses this year to do it. Matt, could your wife get reimbursed through the hospital?

Well, the 2% thing could be a stretch....although it is like $1200 for a 3yr subscription....that is some expensive journals, that better damn well get read, then framed.

As for being reimbursed by the hospital, it is a military installation and to get that done would take an act of moon alignment with other galaxies far, far away and then about 14 trees worth of paperwork. So, that is doubtful....

Matt,
Does she have other work related expenses (like boards) that you can add to the journal cost to make it worth doing this year? Or, will she in 2006?
In the years we would meet the 2% threshold, we tried to get all the expenses in a year that we could -- renew journals or memberships by the end of the year, that sort of thing.
That is a lot for a journal! But I guess that I only see the resident fee right now and skip right over the attending fee.

That is the thing, she was reimbursed for boards last year, and this year she was reimbursed for her Peds visit to Chicago for a week. But we do have recurring membership fees into AAP and such. That may or may not get us to the 2% for this year....may have to break-out the creative-calculatoring....

[DCJenn]

Matt- you can always deduct the military expenses, too- any jogging shoes, workout shorts, jog bras, bicycle shorts etc. Remember, it's a JOB requirement that military personnel be physically fit. Some I know have managed to squeek a new bike through.

Plus, all of the uniforms upgrades are deductible. or if she's forced to buy the new AF digitized BDUs.

Jenn

Definately, subscriptions are deductible. I did my homework last year online and with an accountant. Mmmmm...but I didn't hear anything about the 2% rule. Not sure that applies to physicians. These deductions are for professional expenses incurred by health care professionals. I got some of them from http://www.mdtaxes.com, the rest come from an accountant that specializes in dr. taxes

Some of the other things deductible are:
-work shoes
-laundry detergent used to clean scrubs and coats
-dry cleaning
-a portion of cell phone bills if needed for work
-travel expenses for any work at a hospital that isn't primary hospital
-books/mags/journals
-education/exams/licenses fees
-equipment and instruments
-home office/computer/software etc
-interest on school loans