Originally Posted by LittleScholars:
Now that I'm finalizing my taxes, it is unclear whether I should be able to write off 100% of my qualified education expenses, or if only a portion of this can be written off.
However my accountant entered it, only something like $304 of $1056 was written off. Does that sounds correct? The article didn't speak to that (unless I missed it).
Assuming you are eligible to deduct your education expenses, you can deduct 100% of these expenses on your Schedule C. There are two federal tax credits: the Lifetime Learning Credit and the American Opportunity Credit. It may be that your tax person used one of these credits on your personal tax form (Form 1040) rather than claiming 100% of them as a business deduction. You don't want to claim these credits as you will get a bigger deduction as a business expense.