Many members in the workforce find that their education served them well when they first began working, but have failed to keep up with the latest technology and newest methodologies that get the job done.
Continuing Education can be a option for bringing new skills.
There’s no better investment you can make then in your education and in your career. However, investing your future can leave you in the hole today. Luckily there are provision in the IRS tax code that can lower the financial burden of education.
Continuing education tax deductions are designed for adults already in the workforce who require off-the-job training to move up to a higher position. Specifically, the tax code calls for an itemized deduction of work related educational expenses if the education “maintains or improves” job skills, or is “required by your employer or by law” to maintain your current employment. However, the education does not qualify if it prepares you for a different trade than already employed in, or if it is necessary to meet the minimum requirements of your job.
In summation, you may qualify for a continuing education deduction if you are learning skills that will advance you in your career, but not if you are looking for a new career, or if you are under qualified for your current job.
Once you’ve determined that you meet the standards for the education deduction, you’ll want to know just what expenses are covered. Typically, these include tuition, lab fees, books, supplies, transportation costs, and other educational expenses.
As with most tax issues, the details can be confusing. Whether you decide to work with a tax professional or use software such as TurboTax, there are ways you can save on your education expenses when filing your taxes. Of course, the tax implication of returning to school may be a deciding factor before you enroll in your first Continuing Education class.
