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Tax Credit Consulting: Business Education Rocky Mount NC

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.

Liberty Tax Service
(866) 871-1040
1356 Raleigh Rd
Rocky Mount, NC

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H&R Block
(252) 451-1729
1561 BENVENUE RD
ROCKY MOUNT, NC

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H&R Block Inside Hunter Hill Shopping Center
(252) 443-9233
1457 HUNTER HILL RD
ROCKY MOUNT, NC

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Jackson Hewitt
(252) 237-5152
401 Lillian Rd
Wilson, NC

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Mr. Ira Starr (RFC®), LUTCF
(828) 628-3461
56 Whitaker Circle
Fairview, NC
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Starr and Associates
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Education: BS
Years of Experience: 26
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IARFC
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Invoice, Estate Planning, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

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Rocky Mount, NC

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Jackson Hewitt
(252) 985-5878
222-A Fairview Rd.
Rocky Mount, NC

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1ST CHOICE T & P SERVICES(TAX & PROPERTY)
(252) 907-4456
BLACKSTREET
TARBORO, NC
 
Liberty Tax Service
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2115 Forest Hills Rd W
Wilson, NC

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Roger Myers
632 Matthews-Mint Hill Rd.
Matthews, NC
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Title: Branch Manager
Company: Dalton Strategic Investments
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Investment Advisor Rep: Yes
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Years Experience: 29
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Captive Insurance,Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management P

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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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