Here's
Another Great Reason to Invest in a Gold Mine Tactics® Product
 Get
a Tax Deduction
Federal
IRS regulation 1.162-5 permits a taxpayer to deduct the cost of education
that
is an ordinary and necessary expense in carrying
on a trade or business. In
order to qualify, the education must maintain
or improve the skills required in the taxpayer's
current trade or business.
So ---
if you own and operate a business, you
may be able to deduct
the full cost of a program, seminar or teleclass on
your income tax return as :"Continuing
Education Expense".
Here's what
the IRS has to say: Educational Expenses
You may
be able to deduct work–related educational expenses paid
during the year as an itemized deduction on Schedule A of Form 1040.
To be deductible, your expenses must be for education that:
Maintains or
improves skills required in your present job; or serves a business
purpose of your employer and is required by your employer, or by
law or regulations, to keep your present salary, status, or job. |
NOTE:
Self-employed individuals are generally employees of their business!
Your expenses
are not deductible if the education is required to meet the
minimum
educational
requirements of your job, or is part of a program
of study that can lead to qualifying you in a new trade or business. Although the education must relate to your present work, educational
expenses incurred during temporary absence from your job may be deductible.
However, after your temporary absence you must return to the same kind
of work. Usually, absence from work for one year or less is considered
temporary.
Educational
expenses include amounts spent for:
- tuition
- books
- supplies
- laboratory fees
and
- similar items
They
also include the cost of research and typing when writing a paper as
part of an educational program. Transportation
and travel expenses to attend qualified educational
activities may also be deductible. If you take a deduction
for
these educational expenses
on your tax return, you cannot take other educational
credits for these same expenses.
If
you are an employee, you generally must complete Form
2106 or Form 2106-EZ. Educational
expenses are deducted as miscellaneous itemized deductions
on Schedule A of Form 1040; they are subject to the
2% of adjusted gross income limit.
Self–employed
individuals include educational expenses on Schedule C Form 1040,
Schedule C–EZ, Form 1040 or Schedule F
of Form 1040.
For more information on educational expenses or Education Tax Credits,
refer to Publication 970, Tax Benefits for Education. Information about
other educational incentives can also be found in Publication 970.
As
always, be sure to check with your own tax advisor to see if you
specifically
meet these qualifications.
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