Are
you going to school this fall to earn an advanced degree or to brush up on your
work skills? If so, you might be able to deduct what you pay for tuition,
books, and other supplies.
If
you're self-employed or working for someone else, you may be able to claim a
deduction for out-of-pocket educational costs if the training is necessary to
maintain your skills or is required by your employer.
Just
remember that even when the education meets those two tests, if you're
qualified to work in a new trade or business when you've completed the course,
your expenses are personal and nondeductible. That's true even if you do not
get a job in the new trade or business.
Work-related
education expenses are an itemized deduction when you're an employee and a
business expense when you're self-employed. You may also be eligible for other
tax benefits, such as the lifetime learning credit.
For
more information, please contact our office.
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