Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Re: Schedule C income & deductions Date: 11/8/1999 11:08 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<<I currently work full time plus teach at a University that with holds taxes and SSI and, therefore, sends me a W-2 in
January. Is there someway to get this second job income onto a Schedule C so that I can deduct all of my expenses
(color slides, extra travel, etc.) right off the top? Many thanks!>>

If you have expenses associated with this job (such as those that you mention), and the University will provide you with a letter stating that those expenses are required for you to perfor your duties, but that the University will NOT pay for them directly or reimburse you for them, then those expenses would be deductible as a miscellaneous itemized deduction. If you can itemize your deductions, this may help...although any miscellaneous itemized deductions are only good in excess of 2% of your adjusted gross income.

But you'll have to deal with the University if you want to be reclassified. Most larger organizations, not wanting to run afoul of the IRS employee rules, will simply place you on payroll to avoid any subsequent hassles. The only way you can get away from being an employee is in your dealings with the University. And I doubt that they will budge from their positions.

TMF Taxes
Roy
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Berkshire Hathaway

Starting a Small Business
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement