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SVP
Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
Followers: 17

Kudos [?]: 204 [0], given: 2

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04 Jan 2007, 05:15
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.

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 Senior Manager Joined: 15 Jul 2006 Posts: 381 Followers: 1 Kudos [?]: 1 [0], given: 0 ### Show Tags 04 Jan 2007, 07:10 my 5 application fees (well, one of them was waved), GMATS, 1 flight to NC, and a couple of used GMAT-prep books from Amazon = ~$1,200
(not counting opportunity cost of time)

LESS THAN RHYME'S SUIT

....I feel cheap
SVP
Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
Followers: 17

Kudos [?]: 204 [0], given: 2

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04 Jan 2007, 09:48
Rhyme -

I haven't double-checked the exact figures, but you've got the idea.

But don't worry your pretty little head. The Schedule A - and many other aspects of our regressive tax code - will take care of you high rollers.
GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Followers: 315

Kudos [?]: 2054 [0], given: 7

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04 Jan 2007, 10:23
EconGirl wrote:
my 5 application fees (well, one of them was waved), GMATS, 1 flight to NC, and a couple of used GMAT-prep books from Amazon = ~ $1,200 (not counting opportunity cost of time) LESS THAN RHYME'S SUIT ....I feel cheap Whats with the suit thing? Where do you people shop for suits? It's not that much! GMAT Club Legend Affiliations: HHonors Diamond, BGS Honor Society Joined: 05 Apr 2006 Posts: 5926 Schools: Chicago (Booth) - Class of 2009 GMAT 1: 730 Q45 V45 WE: Business Development (Consumer Products) Followers: 315 Kudos [?]: 2054 [0], given: 7 ### Show Tags 04 Jan 2007, 10:24 aaudetat wrote: Rhyme - I haven't double-checked the exact figures, but you've got the idea. But don't worry your pretty little head. The Schedule A - and many other aspects of our regressive tax code - will take care of you high rollers. Schedule A baby!!! Senior Manager Joined: 15 Jul 2006 Posts: 381 Followers: 1 Kudos [?]: 1 [0], given: 0 ### Show Tags 04 Jan 2007, 10:42 you may be able to write it off as a busienss expense (your suit I mean) GMAT Club Legend Affiliations: HHonors Diamond, BGS Honor Society Joined: 05 Apr 2006 Posts: 5926 Schools: Chicago (Booth) - Class of 2009 GMAT 1: 730 Q45 V45 WE: Business Development (Consumer Products) Followers: 315 Kudos [?]: 2054 [0], given: 7 ### Show Tags 04 Jan 2007, 11:01 EconGirl wrote: you may be able to write it off as a busienss expense (your suit I mean) nope, you can't. Director Joined: 07 Jun 2006 Posts: 513 Followers: 11 Kudos [?]: 124 [0], given: 0 ### Show Tags 06 Jan 2007, 13:23 hmm..wonder how I missed this thread. Let's see.. 1. GMAT - 250$
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] Director Joined: 16 Aug 2005 Posts: 945 Location: France Followers: 1 Kudos [?]: 23 [0], given: 0 ### Show Tags 06 Jan 2007, 15:13 hey necromonger, can we get another cartoon from you? you can pick the topic...just need a break from waiting to hear, or should I say pants-pooping Gmat exam$500
Gmat Books $300 Visiting schools$600
Application Fees ~ $1000 Time missed at work ~$3000

Total $5400 _________________ I believe its yogurt! Manager Joined: 08 Mar 2005 Posts: 93 Followers: 1 Kudos [?]: 0 [0], given: 0 ### Show Tags 10 Jan 2007, 20:11 sounds like a mastercard commercial Manager Joined: 25 Sep 2006 Posts: 248 Followers: 1 Kudos [?]: 0 [0], given: 0 ### Show Tags 11 Jan 2007, 07:43 I think I have one of the cheapest costs also: GMAT Books: Free (borrowed outdated books from other friends) GMAT$250
Apps to 4 schools: ~$700 Transcripts & scores: ~$100
New suite: $199 Total for now:$1249
VP
Joined: 15 Jun 2006
Posts: 1124
Schools: Chicago Booth
Followers: 5

Kudos [?]: 42 [0], given: 0

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12 Jan 2007, 03:32
rhyme wrote:

Where do you people shop for suits?

Huh? Benetton!
VP
Joined: 15 Jun 2006
Posts: 1124
Schools: Chicago Booth
Followers: 5

Kudos [?]: 42 [0], given: 0

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12 Jan 2007, 03:34
sujith wrote:
sounds like a mastercard commercial

"Getting acceptance phone call - priceless"
Manager
Joined: 06 Feb 2006
Posts: 223
Followers: 2

Kudos [?]: 4 [0], given: 0

### Show Tags

12 Jan 2007, 11:55
GMAT: 500
Toefl: 600 (hic, I had problems with it)
Books: 200
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

Total: 6000
Director
Joined: 07 Jun 2006
Posts: 513
Followers: 11

Kudos [?]: 124 [0], given: 0

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15 Jan 2007, 19:26
alright, gmat,

here you go - as we wait for results.

gmatmba wrote:
hey necromonger, can we get another cartoon from you? you can pick the topic...just need a break from waiting to hear, or should I say pants-pooping :)

Gmat exam $500 Gmat Books$300
Visiting schools $600 Application Fees ~$1000
Time missed at work ~ $3000 Total$5400
GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Followers: 315

Kudos [?]: 2054 [0], given: 7

### Show Tags

15 Jan 2007, 19:36
bhahhaahah....
Director
Joined: 16 Aug 2005
Posts: 945
Location: France
Followers: 1

Kudos [?]: 23 [0], given: 0

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16 Jan 2007, 05:16
woohoo!!! we gotta make a gallery out of your brilliant cartoons!
_________________

I believe its yogurt!

VP
Joined: 11 Dec 2006
Posts: 1430
Location: New York, NY
Schools: NYU Stern 2009
Followers: 41

Kudos [?]: 221 [0], given: 6

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16 Jan 2007, 08:04
fluffydot wrote:
I think I have one of the cheapest costs also:

GMAT Books: Free (borrowed outdated books from other friends)
GMAT $250 Apps to 4 schools: ~$700
Transcripts & scores: ~$100 New suite:$199

Total for now: $1249 And if you take out the sofa it is nearly a round grand. I reckon I will be about$1000 at the end of it, probably nearer $700 (1 GMAT, 3 Apps, some books) I am going to be screwed when it comes down to interviews if they are on-campus though. VP Joined: 20 Sep 2005 Posts: 1021 Followers: 3 Kudos [?]: 35 [0], given: 0 ### Show Tags 16 Jan 2007, 08:38 necromonger wrote: alright, gmat, here you go - as we wait for results. gmatmba wrote: hey necromonger, can we get another cartoon from you? you can pick the topic...just need a break from waiting to hear, or should I say pants-pooping Gmat exam$500
Gmat Books $300 Visiting schools$600
Application Fees ~ $1000 Time missed at work ~$3000

Total \$5400
16 Jan 2007, 08:38

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