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bubbavic
Forums Member
Joined: 5 Jan 2009
Posts: 4
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#1 · Posted: 5 Jan 2009 16:11
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!
Vic
__________________
�Dreams are like stars...you may never touch them, but if you follow them they will lead you to your destiny.�
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mountainmom5
Joined: 30 Aug 2007
Posts: 3099
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#2 · Posted: 6 Jan 2009 10:28
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.
(afraid it will get wiped out if I add it here)
__________________
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Newbie Shield
Joined: 22 Sep 2007
Posts: 2226
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#3 · Posted: 6 Jan 2009 11:01
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~
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bubbavic
Forums Member
Joined: 5 Jan 2009
Posts: 4
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#4 · Posted: 6 Jan 2009 12:00
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?
-Vic
__________________
�Dreams are like stars...you may never touch them, but if you follow them they will lead you to your destiny.�
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Newbie Shield
Joined: 22 Sep 2007
Posts: 2226
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#5 · Posted: 6 Jan 2009 12:09
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~
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