i'm an accountant. Are there certain magazine subscriptions that i can claim as a tax deduction?

i should be able to claim certain subscriptions, say for BRW, the economist ect. shouldnt i? as it is in line of my work.

1 Answer

  • Roger
    Lv 7
    9 years ago
    Favorite Answer

    This strikes me a dubious. The relationship between what you do and what is in _The Economist_ is not so closely allied that you wouldn't be able to perform your work without it. If you were audited, it would probably be disallowed. If you were an English teacher, say, would you be able to claim that a subscription to _The New Yorker_ or any literary magazine was essential?

    Now an English teacher could show that a single issue of _The New Yorker_ contained an article he or she taught in a class and that would justify deducting the $4.95, the price of that issue, as a single one-time expense, but not a whole year's subscription. _Business Review Weekly_ is not that generally essential to your work.

    In realistic terms, it comes down to proportion. Look at how much you earn being an accountant and how much a subscription to _The Economist_ is. If it's $100 a year and you earn $125,000 a year from being an accountant, it probably wouldn't raise eyebrows. If you make $40,000 it might. But in either case, if you were audited, you'd have to eat the $100. It will look like padding because you cannot show direct necessity. The very fact that you are asking the question here almost points to that, doesn't it?

    For this reason I wouldn't claim it. Moreover, if your return is closely examined, such a deduction will put a flag on the rest of your deductions and assertions..

Still have questions? Get your answers by asking now.