Can college tuition ever be a business deduction?
I am self-employed, but do not hit a honor still in the earth I impact in. I went backwards to edifice and am effort a honor in my underway earth of work. It’s a 4 assemblage college and my teaching is 15000 a year. I do intend a individualized activity reduction but it is meet a diminutive turn of the tuition. Could I cypher the flooded turn as a playing cost instead?
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Posted in United States
The following is a paragraph from the link below:
Introduction
You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or a dependent. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. The qualified expenses must be for higher education, as explained later under Qualified Education Expenses
I queried “educational expense tax deduction”
If your business (such as a corporation) has a tuition reimbursement program, yes, the business may be able to deduct all or part of the tuition as a fringe benefit to you. Potential trap: if you are not the only employee, the tuition benefit may appply to all employees and they might take advantage of it!
Tax Advisor