Announcement

Collapse
No announcement yet.

Licensing Exam Fees Tax Deductible?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16




    My opinion is steps 1, 2, and 3 are not deductible but your board exams and future licenses and DEA registrations are.
    Click to expand...


    Thanks. For some reason my post two nights ago didn't make it on. Since the boards are considered "voluntary" (even listed as such on the site to register for our boards before they take an absurd amount of money), I'm planning to deduct all board related expenses from my schedule C this year.

    Comment


    • #17


      deduct all board related ex
      Click to expand...


      Agree with WCI.  STEP exams are the "initial licensing"

      Comment


      • #18
         





        deduct all board related ex 
        Click to expand…


        Agree with WCI.  STEP exams are the “initial licensing”
        Click to expand...


        Please help me understand. The question I thought we were addressing was CME for Docbeans - how do the STEP exams figure in? I don't want to give inaccurate information, for sure; thx,
        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

        Comment


        • #19




           





          deduct all board related ex 
          Click to expand…


          Agree with WCI.  STEP exams are the “initial licensing”
          Click to expand…


          Please help me understand. The question I thought we were addressing was CME for Docbeans – how do the STEP exams figure in? I don’t want to give inaccurate information, for sure; thx,
          Click to expand...


          You have to pass Steps 1-3 of the USMLE to get your initial license as a doc. You can then operate on brains, see kids, or do colonoscopies. Most docs then decide to become board certified by finishing a residency and taking another test. But these aren't required to be a licensed, practicing doctor. So the board certification courses and fees should be deductible as they are not for your initial training and licensing.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

          Comment


          • #20


            You have to pass Steps 1-3 of the USMLE to get your initial license as a doc. You can then operate on brains, see kids, or do colonoscopies. Most docs then decide to become board certified by finishing a residency and taking another test. But these aren’t required to be a licensed, practicing doctor. So the board certification courses and fees should be deductible as they are not for your initial training and licensing.
            Click to expand...


            Yes, I understood that already. But was that what Docbeans' question was about? That was my confusion.
            Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

            Comment


            • #21
              Johanna, I think I do understand- any CME activity that I do now (that I am already past training and board certification) is deductible because it is not part of the initial process of becoming a doctor or getting licensed to treat. Thank you for the help!

              Comment


              • #22
                I agree.  You don't need to be board certified to practice as a specialist, so board certification is more akin to continuing education rather than initial licensing, whereas step exams are indeed initial licensing.

                I believe that the federal trade commission limited some of the power of specialty boards in the late 1970'd, as they considered it to be restraint of trade.  ( ie they didn't like the idea that a group of guys decided that they were specialists and no one else could practice that area of medicine unless they jumped through their hoops, despite the fact that all doctors have a license allowing them to "practice medicine and surgery")  That's when doctors were allowed to advertise as well, despite the ban by medical societies up to that point.

                Comment

                Working...
                X