Educational Expenses – Killer IRS Guidelines And Advice
You may be able to deduct work-related educational expenses as a miscellaneous itemized tax deduction.In order to claim the deduction, the main purpose of these educational expenses must be to maintain or improve your skills for the current position you occupy, to maintain your position or to keep your present salary level.
Claim Your Educational Expenses As Itemized Deductions
You are entitled to report these expenses as itemized deductions on Form 1040, Schedule A. The amount of deductions you claim must exceed 2% of your adjusted gross income.Tuition fees for a degree that will make you eligible for a new business or trade are not deductible.