Can i deduct MBA expenses for tax purposes?

Question

What are the conditions needed to consider MBA expenses as job related expense? My job description says MBA is preferred and I am not reimbursed through my company.

Answer 1

read this publication for more info.

http://www.irs.gov/faqs/faq-kw56.html

note: job related expenses are subject to 2% of your AGI, meaning that they must exceed 2% of your total adjusted gross income in order to be deductible. you must also be itemizing your deductions on Schedule A.

Answer 2

It would probably be a stretch to deduct these expenses as employee business expenses. Your tuition and fees would be eligible for the Lifetime Learning credit though, which would probably give you more anyway.

Answer 3

MBA expenses are eligible for the Lifetime Learning Credit or Tuition and Fees Credit. This credit gives you a percentage of your eligible tuition and fees as a tax credit. Your school should have sent you a 1098-T showing eligible tuition and fees for this credit. The Lifetime Learning Credit definately helped my tax refund.

Answer 4

The time period for that you've been an autonomous contractor interior the U. S., you'll owe SE tax. report agenda C and agenda SE for this time period. once you moved to Iceland completely and grew to develop into an worker, you're not to any extent further self-employed. You document your wages as wages, and also you do not pay payroll taxes (SS or Medicare) on those wages. Your wages do no longer qualify for credit for SS and Medicare.