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Tax Credit Consulting: Business Education Salem OR

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.

Mayer Financial Group
(503) 585-1393
2367 State St Ste 30
Salem, OR

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Northwest Tax & Bookkeeping
(503) 585-6948
750 Hawthorne Ave NE
Salem, OR

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Cornerstone Tax & Financial
(503) 363-3786
1084 Liberty St SE
Salem, OR

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Mr Z's Tax Svc
(503) 393-5725
4795 River Rd N
Keizer, OR

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Max Refund Tax Svc
(503) 393-2141
4947 River Rd N
Keizer, OR

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H&R Block
(503) 363-1585
1361 LANCASTER drNE
SALEM, OR

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H&R Block
(503) 585-5264
1361 LANCASTER DR
SALEM, OR

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Jackson Hewitt
(503) 585-4663
3771 Commercial St. SE
Salem, OR

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Evans Accounting & Tax Inc
(503) 588-3673
146 Chemawa Rd N
Keizer, OR

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H&R Block
(503) 390-6622
2927 NE BROADWAY ST STE 150
SALEM, OR

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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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