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Old 02-03-2012, 02:10 PM
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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



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Old 02-04-2012, 02:23 AM
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“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



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