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Tax Credit Consulting: Business Education Hot Springs National Park AR

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. Charles W. Beale (RFC®), CFP, CLU
(501) 922-9259
25255 Highway 5, #J
Lonsdale, AR
Company
C.W.
Qualifications
Education: BA
Years of Experience: 47
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Seminars Work, Annuities, Life Insurance, Long Term Care Insurance, Asset Protection

Data Provided by:
Jackson Hewitt
(501) 624-5252
405 Airport Road
Hot Springs, AR

Data Provided by:
Newkirk & Nordquist PA
(501) 767-6635
1540 Airport Rd Ste B
Hot Springs, AR

Data Provided by:
Mr. Jon Richard Abele (RFC®), JD
(870) 856-3441
2200 Hwy 62/412
Hardy, AR
Qualifications
Education: BA, JD
Years of Experience: 35
Membership
IARFC, Bar
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
2275 Harrison St
Batesville, AR

Data Provided by:
Hutchison Income Tax
(501) 767-1513
1560 Airport Rd Ste A
Hot Springs, AR

Data Provided by:
H&R Block
(501) 525-0544
224 CORNERSTONE blvd
HOT SPRINGS, AR

Data Provided by:
Jackson Hewitt
(501) 623-1244
3648 N. Highway 7 Ste B
Hot Springs Village, AR

Data Provided by:
Mr. Charles W. Beale (RFC®), CFP, CLU
(501) 922-9259
25255 Highway 5, #J
Lonsdale, AR
Company
C.W.
Qualifications
Education: BA
Years of Experience: 47
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Seminars Work, Annuities, Life Insurance, Long Term Care Insurance, Asset Protection

Data Provided by:
Van Chapman Tax Consultant
(501) 268-2497
302 N Cypert St
Searcy, AR

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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...

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