I’ve been working on our taxes off and on the past week. Since I have my own business and my husband trades stock/bonds, it makes taxes MUCH more complicated than when we just had regular jobs with W-2’s only to figure out.
Because I figure our taxes myself (yes, I am that nuts to attempt our own taxes!) I have to read a great deal of the tax code. In that reading, I found that we can still get tax deductions for training that relates to our primary job positions that we declare on our tax forms. However, if you don’t make any profit on your business this does not apply. Since my husband and I both made a profit this year, we are able to deduct any training that we have paid for out of our business funds. Last year, my husband took an online training course for several weeks via web conferences. I took a couple of classes related to technology and online training.
I’m very thankful for the knowledge I gained in those courses. It makes it even better when I know that the training can be deducted for tax purposes, too! I hope that people know that individuals and many businesses can deduct their own educational expenses from taxes if they meet certain criteria. There was a big advertising push a few years ago about it but some people may not remember it.
If you are on the fence about getting some training to help your career, remember the possible tax break you can get as long as the training relates to your main job position. For many jobs, technology training would be considered a big help, so would be tax deductible. Also, talk with your employer about the possibility of them paying for your training. They might be able to use it as a tax deduction.
Obviously, I recommend talking to a tax professional to find out if the training you would like to take would fall within the bounds of being a tax deduction. I verified the eligibility of our training with a tax pro before we took the training last year. You will probably be pleasantly surprised with how the training will improve your job efficiency and function as a tax deduction, too!
