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          5 Responses to “If I own a business and go to university, can I write off education related costs for tax purposes?”

          • B says:

            the new tax form this year had a write off for education purposes so i say yes

          • wolfatrest2000 says:

            If the courses you are taking are related to your business then you should be able to. Check with a professional. You can actually go to the IRS website and ask them. I’ve asked them a few questions and they’ve always been helpful.

          • PepsiLime says:

            Yes, you can write off the education related costs for tax purposes. But you should check and figure out whether you will get a better tax benefit by expensing the costs on your schedule C or taking the tuition and fees deduction or lifetime learning credit. I have attached IRS information regarding education expenses.

          • acmeraven says:

            Look at the instructions for the Lifetime Credit; you can be 98 and a transvestite and take the credit. If you are asking about taking the expense as a business deduction you had better first obtain and read IRS Publication 15.

          • ninasgramma says:

            Let’s assume that the university courses are work-related, in that you are obtaining skills that improve or enhance your ability to do your business.

            If this is the case, all expenses related to your study are fully deductible as business expenses: mileage to school, books, necessary equipment, tuition, parking, school supplies.

            If your marginal tax bracket is less than 20%, you may get a greater benefit from your tuition expense by taking the Lifetime Learning Credit, which will reduce your taxes by 20% of your tuition, up to a maximum credit of $2,000.

            You can still take the other educational expenses as business expenses.

            Keep in mind that if you take your educational expenses off of your Schedule C income, that in addition to reducing your income tax, you also reduce your Social Security and Medicare taxes owed.

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