Online Classes as Tax Deductions
Aug 2nd, 2007
Did you know it is possible to deduct educational expenses from your taxes? Classes that are used to keep up your skills or improve your abilities in your current profession can often be used as a tax deduction. This is different from the educational tax credits given to students pursuing higher education. A Business Week article explains:
"You can indeed receive tax benefits if you choose to further your education. However, there's a general principle you need to remember in order to maximize your benefit. "If your education expense is for the purpose of maintaining or improving your skills in your current profession, then it's deductible," says Paul Dailey, tax principal at Rothstein, Kass & Co. in New York City. To the extent that an educational expense enables you to start a new career or gets you into a new field, it's not a deductible business expense, he says."
Learn more about deducting educational expenses here: Writing Off an MBA.
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