Business Tax Recovery Logo


Tax Credit Consulting: Business Education Cedar City UT

Business expenses for educational purposes are deductions for those who are self employed or are eligible to file personal tax returns. A Corporation filing a tax return would claim any educational expenses paid to employees or provided for employees benefits would be a normal deductible business expense. A deduction merely reduces the taxable income and does not have the same benefits as a tax credit.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

Data Provided by:
H&R Block
(801) 294-7998
75 E 2200 S
BOUNTIFUL, UT

Data Provided by:
SC ACCOUNTING TAX SERVICES LLC
(801) 652-8755
408 S 900 W SLC - UT 84116
SLC, UT
 
H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Singleton's Tax Svc
(801) 373-6920
244 W 300 S Ste 1
Provo, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
366 S 500 E
Salt Lake City, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
H&R Block
(801) 825-5502
1917 W 1800 N STE D6
CLINTON, UT

Data Provided by:
Data Provided by:

Tax Credit Consulting: Business Education

Business Education Tax Credit

There is no such thing as a Business Education Tax Credit, per se, but business related courses are covered under the provisions of the Life Time Learning Credit.

Business expenses for educational purposes are deductions for those who are self employed or are eligible to file personal tax returns. A Corporation filing a tax return would claim any educational expenses paid to employees or provided for employees benefits would be a normal deductible business expense. A deduction merely reduces the taxable income and does not have the same benefits as a tax credit. When people think of a Business Education Tax Credit, they are often referring to the Life Time Learning Credit.

The Lifetime Learning Credit is one of two major tax credits available for people pursuing higher education. The other one is the Hope Credit. The Hope Credit is much more restrictive and would seldom apply to a business education situation. It is only good for the first two years of post secondary education and must be for courses leading to a recognized degree or certification. It is not totally impossible that this credit would apply, but it is less likely.

The Lifetime Learning Credit is good for any number of years. It is a credit of up to $2000 of qualified expenses that can be taken directly from the tax owed amount. It does not necessarily have to be for particular degree programs and course taken to improve job performance, skill level, and promotion opportunity are covered by the credit.

It should be noted that the Lifetime Learning Credit and the normal deductions for business education are not mutually exclusive. It is possible to claim them both if you qualify for them both. It is interesting to note that the Hope Credit carries a provision that people with a felony drug conviction are not eligible for the credit even if they meet all other requirements. The Lifetime Learning Credit does not have any such restriction.

The idea of a tax cre...

Click here to read the rest of this article from BusinessTaxRecovery.com