From: Sheahan, John (John.Sheahan@priceline.com)
Date: Fri Jan 20 2006 - 11:05:54 GMT-3
The best place to write it off is on a Schedule C but this only allowed
if
you have a separate business. You can take a loss on the Schedule C
which
means you can recoup back tax money that was deducted by your full time
job.
You do not have to be incorporated or have an LLC to have your own
company.
You can be setup as a "sole proprietor" which is the simplest form. I
would
recommend this to anyone who does any side work or receives a 1099 from
anyone at the end of the year.
If you don't have another business setup, you can deduct CCIE expenses
on
Form 2106 as unreembursed employee expenses but you are limited to 2
percent
of your adjusted gross income. This limitation usually puts the damper
on
a lot of peoples expenses but probably not for people on this list....I
know
how much many can be invested in pursuit of the CCIE.
The only other thing to know is that you can only deduct these expenses
on
the 2106 if you are already in the business of what you're trying to
deduct.
In other words, the IRS won't allow the 2106 deductions if you are
working
as a plumber full time and trying to get your CCIE part time.
Feel free to contact me offline if you need help. I will offer free
assistance to anyone from this list.
John Sheahan CLU
Registered Investment Advisor/Financial Planner
-----Original Message-----
From: nobody@groupstudy.com [mailto:nobody@groupstudy.com] On Behalf Of
John Matus
Sent: Thursday, January 19, 2006 11:38 PM
To: ccielab@groupstudy.com
Subject: ccie tax write-off's
does anyone know if you can write off CCIE stuff on your tax returns?
i'm not
quite sure where or how you would do it, but hey..... it is "continuing
education".
Regards,
John D. Matus
MCSE, CCNP
Office: 818-782-2061
Cell: 818-430-8372
jmatus@pacbell.net
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