Second Job Deductions

Today TaxMama hears from WW in the Tax Parlor, who tells us. “I have a full time job in a corporation. I also teach Yoga part time as an employee. My full time job has nothing to do with Yoga. Can I deduct the cost of Yoga teacher training and Yoga books?”

Dear WW,

You may certainly enter those costs on your Form 2106 as employee business expenses – or even just directly on Schedule A as miscellaneous deductions, if you just have a couple of lines of expenses.

There are only two problems.

1) Before you can use these expenses, you first have to deduct 2% of your adjusted gross income – that’s the total of all your income, at the bottom of page 1 of your Form 1040. Usually, if you have a full-time job, too, that’s enough to wipe the out the couple of hundred dollars of costs you have a yoga instructor.

2) And you need to itemize. If you weren’t itemizing already, because of a mortgage or high contributions or state taxes, these expenses won’t be enough to enable you to itemize.

Definitely run the numbers and see what happens, just in case you DO have enough expenses to itemize! I always check, just in case.

So, while, yes, you’re entitled to the deductions, odds are, you won’t get any benefit from them.

And remember, you’ll find answers to lots of questions about second jobs and other tax information, free. Where? At TaxMama.com

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