Travel CME--Tax Deductions

[Coffee PRN]

What is the general wisdom on the legality of these deductions? From what I understand, some people sign up for an online CME course and travel to a vacation destination of their choosing to complete it and deduct that travel expenses on taxes. To me, this doesn't seem like it would pass the "ordinary and necessary" criteria for business expenses.

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[aneftp]

It’s totally legal. Cme certificate matches travel destination

I don’t write off my kids ski lift tickets or plane tickets.

I write off my own plane tickets and hotel and food expenses

 

[UscGhost]

It’s totally legal. Cme certificate matches travel destination

I don’t write off my kids ski lift tickets or plane tickets.

I write off my own plane tickets and hotel and food expenses

If you eat their leftovers, can you deduct their food expenses?

 

[chessknt]

I mean you have to defend it in an audit--think about what it looks and smells like and if you really would want to go to court over it... Also talk to a CPA, there is felony level tax advice given on this forum with some frequency.

 

[chessknt]

If you eat their leftovers, can you deduct their food expenses?

I mean if you employ them in utero you can probably deduct all of the baby moon too.

 

[Dr. Rude]

I mean if you employ them in utero you can probably deduct all of the baby moon too.

If you are a woman can you write off part of your pregnancy and childbirth as depreciation on your residual value?

 

[pgg]

there is felony level tax advice given on this forum with some frequency

That is the truth.

 

[Arch Guillotti]

I write off my own plane tickets and hotel and food expenses

Yes! Always the deluxe 4 bedroom suite and all you can eat family special for dinner!

 

[Dr. Rude]

all you can eat family special…Are you insane?

The $500 a plate prix frixe tasting menu (foie gras a supplemental charge). That’s what we’re talking about. It’s ok as long as you don’t include wine pairings on what you write off.

 

[aneftp]

That is the truth.

My plastics buddy just got audited. They question many deductions including cme trips ….now the irs OWES HIM 50k. All legit

It’s so hilarious. The irs agents are idiots.

It’s like Derek jeter getting audited by New York State.

Just have ur paperwork lined up.

Now my plastic surgery buddy is harassing the irs agents where his refund is. They keep pushing the refund back. Supposed they have up to 8 weeks to give it to u.

 

[pgg]

Uh huh. OK.

 

[jwk]

It’s totally legal. Cme certificate matches travel destination

I don’t write off my kids ski lift tickets or plane tickets.

I write off my own plane tickets and hotel and food expenses

How do you get an online CME certificate that matches up with your chosen vacation destination?

There's a big difference between deducting expenses for traveling to an actual CME meeting (perfectly legit) than there is doing an online CME course while you travel on your own. (totally bogus IMHO)

 

[chessknt]

How do you get an online CME certificate that matches up with your chosen vacation destination?

There's a big difference between deducting expenses for traveling to an actual CME meeting (perfectly legit) than there is doing an online CME course while you travel on your own. (totally bogus IMHO)

There are shady companies that will do it. There is a good reason no employer-based CME allows this (ie hospitals, government, private-equity-owned PP) and it is because their risk auditors have determined that it is a bad idea.

 

[Radar26]

Speeding is also illegal, and can be punishable up to a felony depending on the situation. But how many of you drive 65 or less no matter what? But as long as you drive around the pace of other cars on the road, and you don’t buy a red Ferrari chances are you’ll probably be fine…

 

[GoBeers]

How do you get an online CME certificate that matches up with your chosen vacation destination?

There's a big difference between deducting expenses for traveling to an actual CME meeting (perfectly legit) than there is doing an online CME course while you travel on your own. (totally bogus IMHO)

Travel Medical Seminars | Helping physicians and nurses take CMEs while on vacation

www.travelmedicalseminars.com

 

[pgg]

Travel Medical Seminars | Helping physicians and nurses take CMEs while on vacation

www.travelmedicalseminars.com

From their FAQ:

Travel Medical Seminars is not a CPA or tax professional, and does not give tax advice. Tax laws and regulations change frequently, and each situation is different; consult your tax advisor before you claim deductions or take any action on taxes.

In other words, they know claiming deductions for travel because you bought a CD is illegal as ****, but all they're selling is the CME materials, and what you do on your taxes is between you and the IRS.

 

[pgg]

Speeding is also illegal, and can be punishable up to a felony depending on the situation. But how many of you drive 65 or less no matter what? But as long as you drive around the pace of other cars on the road, and you don’t buy a red Ferrari chances are you’ll probably be fine…

So your argument is that you know deducting travel expenses for online CME is illegal, but you'll probably get away with it?

Why yes, agreed. You are correct.

 

[nimbus]

Why not just attend an actual meeting? You can legitimately claim expenses and have a fantastic time.

 

[Coffee PRN]

Why not just attend an actual meeting? You can legitimately claim expenses and have a fantastic time.

I prefer to get drunk in a foreign country without thinking about work.

 

[Dr. Rude]

I prefer to get drunk in a foreign country without thinking about work.

I prefer to be drunk at work while thinking about a foreign country.

 

[Drwine]

Pigs get fat. Hogs get slaughtered.

 

[aneftp]

Pigs get fat. Hogs get slaughtered.

Most of the big tax deductions these days (again completely legal) is the cash deferred defined plans whatever it’s called these days aka cash plan Can routinely put away like 200k pretax

 

[Arch Guillotti]

Most of the big tax deductions these days (again completely legal) is the cash deferred defined plans whatever it’s called these days aka cash plan Can routinely put away like 200k pretax

You can only put away as much as the IRS or whoever allows. You can’t put away 200K starting out unless you are a geezer.

 

[nimbus]

You can only put away as much as the IRS or whoever allows. You can’t put away 200K starting out unless you are a geezer.

You can hit close to $200k for 401k+CBP combined starting at age 40.

Contribution Limits » Cash Balance Design

Contributuion limits table: Age401(k) only, 401(k) with Profit Sharing, Cash Balance, Total. To view our 2018 Retirement Plan Limits Postcard, click here.

www.cashbalancedesign.com

 

[pastafan]

A caveat, once started defined benefit plans require you to make the same contribution every year. If you can't come up with the cash your whole plan is screwed.

Charles Schwab

 

[Arch Guillotti]

A caveat, once started defined benefit plans require you to make the same contribution every year. If you can't come up with the cash your whole plan is screwed.

Charles Schwab

This is not true. You can make amendments to the plan and change your contribution.

 

[pastafan]

Thanks for the correction. I had been misinformed.

Defined Benefit Plan Rules and FAQs

Learn more about the rules and find answers to your questions about the defined benefit plan.

definedbenefitplan.com