|
|
|
|
MBA & MPA Students Earning your MBA is a major achievement - with positive tax benefits. Did you know, besides earning an advanced degree, you may have earned a significant tax break as well? MBA students can save up to $15,000 by deducting certain eligible expenses. Tax-deductible expenses include:
You could also qualify for:
What does this mean to you? You may be able to deduct the cost of qualifying work-related education as a business expense if you weren't reimbursed by your employer or if the cost exceeded your reimbursement. Most MBAs and MPAs with previous management experience will qualify for the deduction. The education must also meet one of these criteria:
Note: If the education is needed solely to meet the minimum educational requirements of your present job, or will qualify you for a new trade or career, you wouldn't be able to deduct the educational expenses. If you receive educational assistance benefits from you employer under an educational assistance program, you could exclude up to $5,250 of those benefits each year. Benefits include payments for tuition, fees, books, supplies and equipment. The payments may be for either undergraduate or graduate level courses. To qualify, the plan must be put in writing. Keep statements from your employer explaining the education was necessary and how much reimbursement you received. Want more information on what you can or can't deduct? Click here to e-mail us for professional tax preparation assistance! Virtual Tax Pro Services In today's fast-paced environment, convenience is important. We offer the flexibility of working with a tax professional online; you get all the expertise of working with a professional who specializes in your tax needs from the comfort of home. We offer the benefit of time savings with an integrated online organizing tool which offers the highest level of data security for your personal financial matters. Learn More!
|
