Job-Related Education: Employers can deduct, and employees can exclude from their income, the cost of job-related education expenses. If you own your own corporation, you are an employee of the corporation, and this deduction applies to you.
Non-job-related education: Employers can also pay up to $5,250 annually for employee education expenses that are not job related. The payments must be part of a written educational assistance program. If the education involves sports, games, or hobbies, the education must be job related. Payments in excess of $5,250 are considered wages, subject to payroll taxes and income taxes.
If you own your own corporation,non-job-related payments for your own education may be limited; ask you accountant or call us..
Education expenses include tuition, course fees, books, laboratory fees, travel between your business and the class location, and travel expenses while away from home overnight. Overnight travel is subject to some limitations.. contact us
Hope you find this info helpful? comment below..
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"My husband lost his job and the IRS was garnishing my wages.
I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful" - Shirley W, Tampa FL.
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