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Tax Credit Consulting: Business Education Peoria AZ

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. Jeffrey D. Carter (RFC®), CSA, LUTCF
(623) 933-9500
10451 W. Palmeras Drive
Sun City, AZ
Company
Smart Financial Strategies, Inc.
Qualifications
Years of Experience: 22
Membership
IARFC, SCSA, NAIFA
Services
Invoice, Estate Planning, Trustee Service, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

Data Provided by:
H&R Block
(623) 825-2871
20255 N LAKE PLEASANT hwy
PEORIA, AZ

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Liberty Tax Service
(866) 871-1040
8940 W Bell Rd # 102
Peoria, AZ

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H&R Block
(623) 933-6912
10753 GRAND Ave
SUN CITY, AZ

Data Provided by:
Accurate-Leigh-Done
(623) 561-6172
10327 W. Coggins Dr. #2
Sun City, AZ
 
Liberty Tax Service
(866) 871-1040
8411 W Thunderbird Rd
Peoria, AZ

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Liberty Tax Service
(623) 792-1140
8940 W. Bell Rd. Ste B102
Peoria, AZ
 
H&R Block
(623) 334-9866
7549 W CACTUS rd STE 110
PEORIA, AZ

Data Provided by:
Beck Tax Works
(623) 566-2213
8247 W. Cielo Grande Ave
Peoria, AZ
 
H&R Block
(623) 451-0671
28455 N VISTANCIA BLVD
PEORIA, AZ

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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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