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Heading back to school? Know the tax rules

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in Centerpiece,Small Business Tax

It won’t be long before the kids start heading back to school. How about you? Maybe you’ve decided to take a refresher course in your specialty at a local college. Or you could be thinking about shifting gears and starting a new career path.

In some cases, you can deduct your business education expenses; in others, you can’t.

Strategy: Learn the tax rules inside-and-out. Then you can figure out how much, if anything, you can save in taxes.

To get a good handle on things, let’s start with the basics. You can deduct the cost of education as a business expense if you pass either one of these two tests:

  1. The education is required by your employer or by law to keep your current job.
  2. The education maintains or improves skills needed in your present work.

On the other hand, you can’t deduct any of your expenses, even if you qualify under either one of these two tests, if the education is needed to meet pre-existing minimum educati...(register to read more)

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