Education: Is This Your Situation — Going to School to Advance Your Career?
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When you incur expenses for work-related education, several different tax breaks may be available. Take a look:
- If you’re self-employed, you can generally deduct unreimbursed expenses on Schedule C (sole proprietor or single-member LLC) or Schedule E (partner or member of multi-member LLC).
- If you are an employee, you may be able to receive a tax-free reimbursement from your employer.
- For unreimbursed expenses, you may be eligible to claim a Lifetime Learning tax credit of up to $2,000. The exact amount you qualify for depends on your income.
In some cases, the same education expenses are eligible for more than one break. We can help you select the one that maximizes your tax savings. Contact our firm for more information or to see if you qualify. |