Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-28-2010, 08:05 PM
Junior Member
 
Join Date: Jun 2010
Posts: 1
Self-employed lab rat

I have been making money as a healthy subject in medical drug trials. I will receive a 1099 at the end of the year. What things can I deduct? Since my healthy body is the business or the product, shouldn't I be able to deduct groceries, health and hygiene aids, travel expenses, cell phone, books for reading while I'm confined to the clinic? Just wondering what would be taking it too far.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 06-30-2010, 03:29 PM
Junior Member
 
Join Date: Jun 2010
Posts: 11
If I were in your situation the only legitimate expense I would claim would be travel. Unfortunately, most of the rest are comfort items. Unless you are using your phone over 50% to schedule these appoinments then I couldn't even see claiming that.

Adam
Accountant Wilmington NC



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 07-06-2010, 11:57 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Well, you would be able to deduct the following expenses in my opinon without incurring additional IRS scrutiny or an audit;

1.Health and hygiene aids,

2.Travel expenses, &

3.Grocery or food expenses whilst confined in the clinic.

But, I cannot see how you would be able to deduct your entire cell phone expenses as your stay would be temporary, this may not wise but, any telephone calls you make whilst you are in the clinic may be deductible.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Self Employed Income lubdub2 Income 0 01-03-2010 03:34 PM
Education deduction while self-employed jackhamm Itemized Deductions 1 12-29-2009 09:41 PM
Who does the IRS consider as being Self-Employed for tax purposes? TaxGuru Sole-Proprietorship 0 12-13-2009 03:53 PM
How do I pay self employed taxes?? Viviangpinto Estimated Taxes 1 11-26-2009 07:28 PM
Self Employed taxes howdog32 Estimated Taxes 0 04-06-2009 12:24 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.