RE: OT -- training

You can deduct them on Line 20
of your schedule A for itemized deductions. 
 

This is subject to
some  HOWEVER's.  

 

You must take your 2% of your
adjusted gross income and deduct it from that deduction.  So if it cost you 2500 dollars to go to openworld and your adjusted gross income (w2's, tips, ira deduction, student loan interest deduction all factored) on line 34 of form 1040 is 50K then 2% of 50K is 1000 dollars.  So you can only deduct 1500 of the 2500 dollars.
 

And if your standard deduction
(4400 for single/ 7350 for married) is higher than your sched A, you won't write off any of it. 
 
 

Joe gets that deduction off the
top.  Before it ever hits his 1040.  So he gets the full 2500 plus all his other business deductions with no 2% adjustment,  THEN he still gets any personal deductions of his standard deduction. 

 
 

So, yes, you can usually deduct
it, but not entirely and at the expense of the standard deduction that you would already get.
 

--Chris <FONT face=Arial
size=2>Chris.Bowes_at_Kosa.com
 

  <FONT face="Times New Roman"
  size=2>-----Original Message-----From: Adams, Matthew (GEA, 088130)   [mailto:MATT.ADAMS_at_APPL.GE.COM]Sent: Monday, August 13, 2001 4:01   PMTo: Multiple recipients of list ORACLE-LSubject: RE:   OT -- training
  Either to
  don't need to incorporate, or my
  tax
  accountant lied to me,  I don't know
  which, but
  I have written off training
  and IOUG-A
  trips (that were paid for 100% by
  me) while
  I was an employee of
  a
  consulting firm.
  <SPAN
  class=971005818-13082001> 
  (Is that
  the IRS I hear knocking?)
   

• <FONT face="Courier New" size=2>Matt Adams - GE Appliances - matt.adams_at_appl.ge.com <FONT face="Courier New" size=2>Doing linear scans over an associative array is like   trying to club someone to death with a loaded Uzi. <FONT face="Courier New" size=2>                
  • Larry Wall (creator of Perl)   <BLOCKQUOTE style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> <FONT face="Times New Roman" size=2>-----Original Message-----From: JOE TESTA [mailto:JTESTA_at_longaberger.com]Sent: Monday, August 13, 2001 3:42 PMTo: Multiple recipients of list ORACLE-LSubject: Re: OT -- training You can't write off training.  you need to get incorporated.  I'm a business entity and if/when the company i work for won't pay for training, you can bet it will get written off on my taxes, that includes all of the oracle books, OCP exams, you name it, it gets deducted as a legitimate company expense.    2 years ago the company i was working for didnt want to send me to openworld(and I knew i'd be leaving in less than 2months anyways), so i ate the cost and wrote the entire trip off.   joe       >>> RROGERS_at_galottery.org 08/13/01 02:41PM >>>Patrice,There is "resistance" to any training that I feel is necessary to further my knowledge and/or enhance my understanding of the Oracle processes. Even though I have money in the budget for such items I have to submit a business case defining the gains to the company and after completing the course with a passing grade the company will reimburse me the expenses for the course only. I also have to sign a waver that I will pay the company back the full cost of the course if I leave their employment before 365 days. Needless to say I pay for everything myself and hope to write it off on taxes if they ever get the bill signed into law.ROR mª¿ªm >>> BoivinP_at_mar.dfo-mpo.gc.ca 08/13/01 11:46AM >>>Just out of curiosity, how many days / weeks of real training did youremployer provide you with in the last couple of years?"real" is in quotes, I don't mean the little 1 - 3 day seminars given byCareerTrack and other "training" companies, or management-related stuff likelittle MBA-flavoured certificates from universities.Oh, and did the amount of training you received match what you were toldduring your job interview?Regards,Patrice BoivinSystems Analyst (Oracle Certified DBA)Systems Admin & Operations | Admin. et Exploit. des systèmesTechnology Services        | Services technologiquesInformatics Branch         | Direction de l'informatique Maritimes Region, DFO      | Région des Maritimes, MPOE-Mail: boivinp_at_mar.dfo-mpo.gc.ca <<A href="mailto:boivinp_at_mar.dfo-mpo.gc.ca">mailto:boivinp_at_mar.dfo-mpo.gc.ca> --Please see the official ORACLE-L FAQ: <A href="http://www.orafaq.com">http://www.orafaq.com --Author: Boivin, Patrice J  INET: BoivinP_at_mar.dfo-mpo.gc.ca Fat City Network Services    -- (858) 538-5051  FAX: (858) 538-5051San Diego, California       
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