Schooling

[wdmmom]

I am returning to school to obtain my Business Administration degree. I do qualify for some financial aid but I will be paying quite a bit out of pocket including the costs of books.

Is this tax deductible?

[Blackcat31]

Tom Copeland wrote a blog entry about educational expenses....maybe the entry will help answer your questions...

http://www.tomcopelandblog.com/2011/04/when-are-education-costs-deductible.html

[wdmmom]

Thanks Black!

Here's the background:

I started college 16 years ago for an associates degree in Business Administration/Accounting.

This fall I am going back. I am not registered and not required to take these classes for my business. I am not looking to another job after I obtain my associates either. I am just taking business classes to help with my business.

[MyAngels]

I think you might be eligible to take the Lifetime Learning Credit. Here is the publication that explains the various tax benefits of higher education: http://www.irs.gov/pub/irs-pdf/p970.pdf

[TomCopeland]

school costs

Thanks Black!

Here's the background:

I started college 16 years ago for an associates degree in Business Administration/Accounting.

This fall I am going back. I am not registered and not required to take these classes for my business. I am not looking to another job after I obtain my associates either. I am just taking business classes to help with my business.

My article should answer your question. Basically, if you are taking classes to get your first post secondary degree, you can't deduct the expenses associated with it. If not, you can.