Program Fees - tax deduction

Discussion in 'Accounting and Legal Advice' started by bubbavic, Jan 5, 2009.

  1. bubbavic

    bubbavic New Member

    Hi all,

    I know I should ask my tax lady about this but I thought I'd ask here as well. I'm on the cusp of signing up for Profit Lance or Wealthy Affiliate. Obviously both cost money to join or get access to their programs.

    Can those fees be considered business training and therefore be deducted from my business taxes?

    Thanks in advance!
  2. mountainmom5

    mountainmom5 Gold Member

    Absolutely! You can get lots of really great tax tips from Ron Mueller and if you wnat a website on that , let me know, I'll send you a link.[​IMG]

    (afraid it will get wiped out if I add it here)
  3. Newbie Shield

    Newbie Shield Gold Member

    Hi Vic,

    Mountain is right - relevant education is a business expense. To get a write-off you need to have a pre-existing business entity such as a sole proprietorship, an LLC, or a corporation.

    ~Newbie Shield~
  4. bubbavic

    bubbavic New Member

    Thanks for the replies MountainMom and Newbie Shield!

    Newbie Shield, what qualifies as an existing business entity? I already have a EIN for the business but have not done anything locally to register the business entity. Is that enough in the IRS's eyes?

  5. Newbie Shield

    Newbie Shield Gold Member

    Hi Vic,

    An EIN by itself might work. I didn't realize that you could get an EIN without an entity but I suppose it makes sense since it is in lieu of a social security number. You can try asking the IRS or your accountant.

    You've raised an interesting issue. See if you can find out something and let us know what you discover.

    Sorry I can't answer that question.

    ~Newbie Shield~

Share This Page