Does anyone know if online courses are deductible?
I am using Turbo Tax Home & Business and it is saying that in order to deduct tuition, it has to be from an approved school which usually are brick and mortar. Does anyone know the answer to this?
That is for the education credit. If you took the class to enhance a skill or support new products then you can deduct it as professional development on your Schedule C.
General rule for claiming expenses
* The expense must be related to your business – you must be able to show why you needed to spend the money to earn the income.
* Expenses that are capital in nature cannot be claimed.
* Expenses that are personal and private in nature cannot be claimed.
Thanks Lee, I finally got it to work, I took it last year on TT but this year it was giving me a problem entering the amount, but it finally accepted the deduction. Appreciate it!
Online courses deductible?
Appreciate it!
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