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Well I did spend $550 on the DC's. But who knows, I was looking at the FAQ section of the IRS website and found some interesting stuff. From looking at it, I am allowed to deduct certain things but cannon exceed 2% of my annual gross income. That shouldn't be a problem being a CFI, but maybe I am missing something.
For everyone who wants to look at it,
click here.
Any more input?
Thanks
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It's actually the other way around -- you can deduct misc. business expenses only to the extent that they EXCEED 2% of your AGI. As an example, assume your annual AGI while you are flight instructing is $10,000 (hypothetically speaking, of course), and you spend $500 on a pair of DCs for use while flight instructing (I'm assuming that could be deductible, although I don't know that for sure). In that case you could deduct only $300 -- the amount by which your business expense execeeded 2% of your AGI (10,000 * .02 = $200).
I'm sure that's clear as mud. [img]/ubbthreads/images/graemlins/insane.gif[/img]
And the other posters are correct, you have to choose to take either your standard personal deduction or itemize. If your itemized deductions do not exceed the standard personal deduction (~$5,500 for a single), then it makes no sense to itemize.
MF