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Author: linas100 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Filing a net loss on Sched C Date: 1/25/2005 2:48 PM
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Thanks Bill and Dusty.

to answer your questions...

I was a resident and am now a fellow (next level of training after resident).

I have thought about getting some help with this, but at the risk of revealing myself as a true geek, I kind of enjoy working on my taxes and doing so helps me to keep more in touch with my finances for next year. Further, this $1000 of schedule C income is the only part of my return that is not strait forward, so I question if paying the professional fees are worth it this year.

I had to apply for my first ever license in order to start moonlighting. Thanks to the state of MA, I also had to apply for my first renewal in 2004. The only reason that I needed the full license in 2004 was to moonlight. I cold have stayed on my trainee license and kept working my day job (being a resident). I then needed to apply for the license renewal in order to keep my full license, which is required by my fellowship. Thus, I think I am within the law to say that 100% of my initial license fee was for moonlighting. The renewal would be prorated and the fraction attributable to moonlighting is too small to make it worth while taking the deduction on sched. C.

If I can take 100% of the first fee toward sched. C, I would ignore cell phone, car, etc b/c I would have the income down to about $400 and would, I believe, avoid paying soc sec./medicare taxes.

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