Work-related education – When can you deduct your expenses?

Description

Abstract: Those heading back to the classroom to improve their marketability may, depending on their income level and other factors, qualify for education tax credits (such as the Hope credit or Lifetime Learning credit) or the tuition and fees deduction. But this article focuses on deducting the cost of education as a business expense. It explains what is and is not deductible, and one instance in which an unemployed person might be able to deduct expenses. A sidebar addresses the issue of whether the cost of obtaining an MBA is deductible.