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.

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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/