After I started moonlighting, one of my first purchases was T-shirts and hats for my rugby club.  Competing players often exchange T-shirts after matches, but we never had any gear to participate.  My roommate and I designed some basic shirts on a website, had them printed, and gave them to our team.  This sounds simple, but it was a big deal in 2005.  I didn’t even own a computer at the time!  The total bill was around $600, which was a lot of money for me.  Almost everyone was happy and grateful when we presented them, but one person made a dismissive comment about me “doing it for the tax write-off” since we were a 501(c)(3) non-profit organization.

      This statement demonstrates a fundamental misunderstanding of money, taxes, and write-offs.  Unfortunately, this misconception is all too common.  Also, unfortunately, no one wanted to trade T-shirts with us because I’m not very good at designing them.

       So, how do tax write-offs work?  Was I able to deduct my donation to this non-profit organization?  Can you write off meals, trips, and other items?  My new guest post, The Myth of the Tax Write Off at The Motivated M.D. – Financial Tips for Physicians (themotivatedmd.com), answers these questions and more.

      Thanks to Motivated MD for another opportunity to publish on his site.  Check out his great work while you’re there.  You can also read my previously published guest post, Why I Still Work After Achieving Financial Independence, which Physician on Fire included as a Sunday Best: https://www.physicianonfire.com/the-sunday-best-02-18-2024

      Read Taxation: The Inescapable Bane of Medical Professionals to learn more about taxes.  Please subscribe to our email list so you never miss a post!