Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-03-2012, 02:10 PM
Junior Member
 
Join Date: Feb 2012
Posts: 3
CPA materials and fees deductible to an LLC

My husband and I own a LLC and was wondering if I could deduct my CPA study materials and exam fees through the business? I am currently the accountant for the LLC and was hoping that these would be deductible since I'm already in the business and it could help me better prepare our tax returns and other accounting issues. Any guidance would be helpful.
Thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-04-2012, 02:23 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
“My husband and I own a LLC and was wondering if I could deduct my CPA study materials and exam fees through the business?”----->I guess so as qualifying work related education;you can deduct the costs (CPA costs) of qualifying work related education as business expenses. Since the education maintains or improves skills needed in your present work as an accountant.ALSO, it is not needed to meet the minimum educational requirements of your present trade or business, or is not part of a program of study that will qualify you for a new trade or business. As your education is not required by your ER or the law, it can be qualifying work related education only if it maintains or improves skills needed in your present work as an accountant. For example, say, you repair televisions, radios, and stereo systems for XYZ Store. To keep up with the latest changes, you take special courses in radio and stereo service. These courses maintain and improve skills required in your work.
Publication 17 (2011), Your Federal Income Tax



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-c and attorney fees buckone Income 1 04-04-2011 08:14 PM
Are loan fees from refinance of primary home deductible? Hiltie Rental Real-Estate 1 02-17-2011 04:47 AM
Deducting loan fees Hiltie Itemized Deductions 0 02-16-2011 10:09 AM
tuition and fees puzzler one of the 3 Tax Credit 1 11-01-2010 08:15 AM
How much of Tax preparation fees are deductible on Schedule A & Schedule C? awkan Sole-Proprietorship 1 03-23-2007 11:28 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.