Tax Write Offs: Benefits for Higher Education

Small businesses that provide their workforce with educational benefits may be able to fully deduct the associated costs of offering this perk. Tax-deductible education expenses include everything from continuing education to courses intended to provide workers with advanced professional licenses.


Percentage deductible: 100%

Eligibility: Deductible education costs must add value to the business and increase the workforce’s expertise and skills.


Example deductions:

  • Classes and workshops intended to improve skills in the business’s field

  • Subscriptions to professional publications

  • Industry relevant seminars and webinars

  • School tuition

  • Online web development course

  • Real estate license renewal

Special considerations:

  • Educational expenses that qualify employees for a different trade are exempt. Courses necessary to meet the minimum education requirement are also exempt from tax deduction.

Check out the link below for a list of other tax deductions you can claim this tax season!


https://www.ritbsinc.com/small-business-tax-deduction-list


What questions do you have about tax season? We are here to provide help with tax preparation, accounting, payroll management, and business formation! R&I Tax and Bookkeeping is here to help! You may contact us via our 'Contact' page at https://www.ritbsinc.com/contact. We can also be reached via phone at 253-777-1106.

 

Osterhaus, E. (2021, February 1). Complete list of small business tax deductions (2021). QuickBooks. Retrieved December 16, 2021, from https://quickbooks.intuit.com/r/taxes/small-business-tax-deductions/

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