Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:
Who needs accountants when you've got a Free Tax Preparation guru on the board?
No, all those preparation costs aren't worth a damned thing on your tax return. (OK, MAYBE we could swing some part of it on the schedule A if your employer required you to get the MBA, or maybe if you're self-employed, but it would be a stretch. Pigs get fat, hogs get slaughtered.)
If your spouse moves with you and can claim that the move is related to work (getting a new job), and you move a decent distance, you can claim the moving expense deduction.
You can claim your tuition and some fees paid on the Lifetime Learning Credit (form 8863), as long as you follow three rules:
1. The cost is necessary AND paid to the school (shows up on your tuition statement).
2. Expense is paid by cash or loans. Scholarship/grant/fellowship money won't count, obviously.
3. For those of you who are young enough: whoever claims your personal exemption gets to claim these credits. If your parents claim you, they get the credit, no matter who paid the expenses. If Grandma throws out $100k to pay for you, but you claim yourself on your return, then you get the credit. Sucks to be Grandma. But AWESOME to be you.
After 2002, the credit amount is equal to 20 percent of the taxpayer's first $10,000 of out-of-pocket qualified tuition and related expenses. Thus, the maximum credit a taxpayer may claim for a taxable year is $1,000 through 2002 and $2,000 thereafter. These amounts are not indexed for inflation.
In other words, I can claim up to $2,000 but no more? That sound mad lame.
Moreover: Income limits increased. The amount of your lifetime learning credit for 2005 is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $43,000 and $53,000 ($87,000 and $107,000 if you file a joint return). You cannot claim a credit if your MAGI is $53,000 or more ($107,000 or more if you file a joint return). This is an increase from the 2004 limits of $42,000 and $52,000 ($85,000 and $105,000 if filing a joint return). See Effect of the Amount of Your Income on the Amount of Your Credit, later, for more information.
So in short, if I make more than 50K I cant claim a thing? Lame
1. GMAT - 250$
2. All the books - around 250$ but I recover almost all of it via eBay ;) so actual spend is about 50-60$
3. Application - only INSEAD - ~300$
4. Interview was 10 minutes from home, and the 2nd interviewer bought the lunch :)
5. Some cheap-ass blazer (I've never worn suits in my life) 120$
That sums it up - 720$.
If INSEAD dings me - I'll spend some on IMD, and a remote chance for LBS Sloan Fellowship MSc.. not sure on that.[/img] _________________
Toefl: 600 (hic, I had problems with it)
trips: 3000 (I visited 10 schools. Such a deal)
App fee: 1000
Sickness medicine when study for GMAT and writing essays: 400
Sickness medicine when interviewed: 300