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]

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.