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Tax Credit Consulting: Business Education Portales NM

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.

Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
Company
PLAN RIGHT, LLC
Qualifications
Education: MBA, Accounting Concentration
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

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H&R Block
(505) 473-7591
3517 ZAFARANO drSTE A23
SANTA FE, NM

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Liberty Tax Service
(866) 871-1040
1449 Eubank Blvd NE Ste A
Albuquerque, NM

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H&R Block Inside Sears At Cottonwood Mall
(505) 922-7292
10000 COORS BYP NW
ALBUQUERQUE, NM

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Electronic Transmissions
(505) 301-8932
2633 Bridge Boulevard Southwest
Albuquerque, NM
Hours
Sun 07:00 AM-06:00 PM;Mon 07:00 AM-05:00 PM;Tue 07:00 AM-05:00 PM;Wed 07:00 AM-05:00 PM;Thu 07:00 AM

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Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
Qualifications
Education: BS
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

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Liberty Tax Service
(866) 871-1040
1112 San Pedro Dr Ne
Albuquerque, NM

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H&R Block
(575) 524-0370
1300 EL PASEO STE K
LAS CRUCES, NM

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H&R Block
(575) 546-1060
1021 E PINE ST
DEMING, NM

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Mangum & Assoc
(505) 863-2489
309 S 5TH St
Gallup, NM

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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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