From: Tim (ccie2be@nyc.rr.com)
Date: Fri Feb 02 2007 - 20:01:35 ART
Hi,
Deducting the cost of lab equipment, training, training materials is NOT
always allowed.
The IRS sets out specific rules and requirements which must be met in order
to legally deduct these expenses.
That said, based on my own experience, it seems that the IRS doesn't look
that closely to determine if the requirements for the deduction have been,
in fact, met.
Furthermore, for most people on this list, meeting the stringent
requirements for this deduction shouldn't be that much of a stretch.
To see what the rules are, go to the IRS.gov site.
If you still have questions, call the IRS - sometimes (about 60% of the
time), they will answer your questions correctly. If still in doubt, speak
to an accountant.
If you take the deduction and, in your own case, it's not allowed, there are
typically 2 possible results:
The IRS doesn't question it.
The IRS doesn't allow it in which case you are subject to pay more tax - the
amount you should have paid originally plus any interest and penalties.
A third possibility is you are called in for an audit where you are required
to document/prove your tax return is legit.
HTH, Tim
-----Original Message-----
From: nobody@groupstudy.com [mailto:nobody@groupstudy.com] On Behalf Of
Patrick Laidlaw
Sent: Friday, February 02, 2007 4:39 PM
To: Mark N; ccielab@groupstudy.com
Subject: RE: ccie lab for tax deduction
Nope did the same thing for 2005.
-----Original Message-----
From: nobody@groupstudy.com [mailto:nobody@groupstudy.com] On Behalf Of
Mark N
Sent: Friday, February 02, 2007 10:23 AM
To: ccielab@groupstudy.com
Subject: ccie lab for tax deduction
I plan on claiming my lab equipment and workbooks on my taxes for
2006.($8,000) Has anyone had any problems with this?
Thanks,
Mark
Mobile - 803.210.6413
---------------------------------
Have a burning question? Go to Yahoo! Answers and get answers from real
people who know.
This archive was generated by hypermail 2.1.4 : Thu Mar 01 2007 - 07:38:45 ART