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Tax Credit Consulting: Business Education Olathe KS

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.

Jason Black
9308 Mohawk Lane
Leawood, KS
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Title: President
Company: Evimero Wealth Management
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Registered Investor: Yes
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Kansas State University/Bachelors of Science Business
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Years Experience: 17
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Wealth Management,Annuities,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,CD Alternative,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,Disability Insurance,Retirement Planning,Investment Consulting & Allocation Design,Insura

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Jackson Hewitt
(913) 768-9829
16559 W 151 Street
Olathe, KS

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Barber Financial Group
(913) 393-1000
13550 W. 95th St.
Kansas City, MO
 
H&R Block
(913) 884-4495
1725 E SANTA FE ST
GARDNER, KS

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JK Harris&Company Tax Representation Firm-Call Now
(800) 621-0536
7500 W. College Blvd, 5th floor
Overland Park, KS

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Olathe Block Llc
(913) 764-3494
825 E Kansas City Rd
Olathe, KS

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Jackson Hewitt
(816) 984-5256
13507 W 87th Street Parkway
Lenaxa, KS

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McAuley & Crandall PA
(913) 239-9130
13200 Metcalf Ave Ste 130
Overland Park, KS

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Liberty Tax Service
(866) 871-1040
1819 E Santa Fe St
Gardner, KS

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Marks Nelson Vohland Campbell Radetic LLC
(913) 498-9000
7701 College Blvd., Ste. 150
Overland Park, KS
 
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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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