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Itemized Deductions Schedule-A


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Old 12-29-2009, 12:29 PM
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Education deduction while self-employed

Hello,
My wife recently started a jewelry business and I am 49% owner. She is primarily the creative side and I am doing the business aspects. I am an engineer by trade and while I am great at math, I don't have much background in accounting. For now we are using an accountant, but I have been wanting to do my own accounting work.

Is it possible, under IRS rules, to take accounting courses towards an MSF since I need to know more about finance to run my business? I know in the past I have been able to take un-reimbursed courses related to engineering with my full-time job. I don't want to move into finance as my career, so it isn't a career change, but I do want to be able to manage my own company.

Many thanks,
Jack Hamm



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Old 12-29-2009, 09:41 PM
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These accounting classes if they are not for any particular degree, could in some circumstances be considered qualified business education expenses. It all depends on the cost of these courses, and if they are reasonable, say below $1,000 and you are the main advisor to the business, you could qualify to deduct these expenses.

However, generally speaking you would not be permitted to deduct higher education expenses that lead to a formal accounting degree such as an undergraduate degree.

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