I started working as a Research Analyst for a movie company last year and my job requires me to know about all of the competitor's products. Therefore I am constantly going to movies to keep up on the competition. When I first started my job, someone mentioned I could deduct these viewings come tax time. Is this true?
2007-01-28 16:47:46 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes...If you are an independent contractor you get the full deduction. If you're an employee, it's a misc. deduction subject to the 2% exception.
2007-01-28 16:50:55 · answer #1 · answered by feanor 7 · 0⤊ 0⤋
If your job requires you to spend money, you probably have the right to deduct these same expenses against your income. To be sure about this, why not purchase some tax software and follow the step by step procedure to fill out and file your federal taxes? If you are successful, you might as well file this way and save yourself much money in tax preparation fees as well.
Best wishes during this wonderful tax time.
2007-01-28 16:54:56 · answer #2 · answered by Harold 3 · 0⤊ 0⤋
I say yes....
"Individuals who are required to make a purchase due to the nature of their work should either be reimbursed by their employer or claim the expense as a deduction on a federal income tax return. Working taxpayers are entitled to a full or partial reimbursement for work-related expenses."
2007-01-28 16:54:25 · answer #3 · answered by msu_milk_chocolate 3 · 1⤊ 0⤋
Your movie company should really pay for these so it doesn't cost you anything. If you do deduct them and you itemize, they won't benefit you unless they total over 2% of your regular income.
2007-01-28 16:52:11 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You should only deduct the amount that you spend because of business. If you legitimately watch for your job, then sure, it is a legitimate business expense.
2007-01-28 16:51:53 · answer #5 · answered by the Boss 7 · 1⤊ 0⤋
good luck, you can try but i would bet on it that if you do get audited they would not allow this. Although there have been some interesting deductions in the past few years guess it depends on how good your lawyer will be when you try to defend these deductions.
2007-01-28 16:51:06 · answer #6 · answered by Ski_Bum 3 · 0⤊ 2⤋
Definitely learn this information from the IRS.
Better to ask them and have it documented, than to follow someone's opinion and pay for it later.
2007-01-28 16:50:25 · answer #7 · answered by Living In Korea 7 · 0⤊ 0⤋
If it is a work related expense, then you can deduct it.
2007-01-28 16:57:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Not if someone else paid for the ticket for the movies.
2007-01-28 16:51:06 · answer #9 · answered by Anonymous · 1⤊ 0⤋
I would think your current company would reimburse you for these expenses if they were necessary to do your job.
2007-01-28 16:51:18 · answer #10 · answered by trichbopper 4 · 2⤊ 0⤋