Wednesday, December 31, 2014

TAX TIP: SELF-EMPLOYED EDUCATION DEDUCTION (ADVANCE TAX RELIEF LLC www.advancetaxrelief.com (800)790-8574)

The cost of education for self-employed individuals is deductible if the education maintains or improves a skill required for your business. Education expenses are not allowed if the education is required to meet minimum educational requirements of your present business or if the education will qualify you for a new trade or business.

A self-employed welder who takes a course in a new welding method can charge the expense to the business. A self-employed dance teacher who also takes dance lessons can deduct the cost of the business. On the other hand, a store owner who takes a course to become a general contractor cannot deduct the expense.

The education must be directly related to the business you already operate. Taking a course in pottery before opening your pottery shop is not deductible. Any self-employed person can take a course in bookkeeping or taxes or computers and deduct the cost.

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