2007-02-06 09:59:07 · 5 answers · asked by Peter D 1 in Business & Finance ➔ Taxes ➔ United States
If you are a CPA, why are you asking a bunch of "know-nothings?" Don't they teach this stuff in "CPA school?"
2007-02-06 10:10:01 · answer #1 · answered by Dizney 5 · 2⤊ 1⤋
If you are currently working as an accountant, you can deduct your test expenses for the CPA exam (test fees, travel costs to the test facility, prep class fees) as an unreimbursed employee business expense. This is deducted as an itemized deduction (which would require that you itemize in order to get any benefit from it) and it is limited to the amount in excess of 2% of your adjusted gross income.
Also, if your employer is reimbursing you for any of these expenses, then the expenses borne by your employer is non deductible, since you have already received a benefit of the reimbursement, and the reimbursement has not been reported as income to you. If your employer is treating it as a taxable reimbursement (they are reporting the reimbursement as additional wages), then you can continue to deduct it.
2007-02-06 18:05:27 · answer #2 · answered by jseah114 6 · 2⤊ 1⤋
How was your CPA exam ? How did you find the questions on tax deductions ?
2007-02-06 18:47:43 · answer #3 · answered by onlinetaxsiteswatch 2 · 1⤊ 2⤋
Shouldn't a CPA know this? Depends if you or your employer pays the tuition. Also income W2 or 1099.
2007-02-06 18:03:26 · answer #4 · answered by money 2 · 3⤊ 1⤋
I think you can but I also think it is one of those that falls within a floor level.
As a CPA, shouldn't you know this?
2007-02-06 18:10:56 · answer #5 · answered by dapixelator 6 · 1⤊ 2⤋