I'd like to do a little reading first, then talk to the professional.
January 28, 2011 6:18 AM   Subscribe

Career moves and taxes question: Need recommendations for resources that I can read to help me understand how my tax situation changes a) due to career-related educational expenses and b) when I start consulting. Also need a CPA in Chicago who will help me sort through these issues.

Background: I will have large career-related education expenses this year. I want to understand whether I can deduct them as business expenses. I am also planning on leaving my job to start consulting this year; I want to learn the tax ramifications of the different consulting arrangements (W2 employee for an agency, 1099, start my own corp).

I know I must talk to a CPA. That’s one part of the question: I need a CPA who can talk me through these tax questions. I’m in Chicago north of the Loop.

But I don’t even know what my questions are, and I always like to read up before I talk to a professional anyway. So I’d like any links (or personal advice) on what I should be considering and what I should ask when I talk to a CPA.
posted by Tehhund to Work & Money (1 answer total)
The IRS website gives a decent overview of Employee Business Expenses, with further links inside that go to deeper levels of detail.

For your consulting gig, you can take a look at the Schedule C instructions. They give definitions for all the deductions listed on the form.

Hopefully the rules won't change significantly from now until it's time to file your taxes next year, so you should be able to use them as a relatively decent guide.

I'm not from your neck of the woods, so I can't recommend any Chicago CPAs, but I did find a search page from the Illinois CPA Society. It seems pretty comprehensive as far as narrowing down areas of expertise.

Good luck!
posted by texano at 6:06 PM on February 2, 2011

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