Cost of MBA Can Be Deductible
The lifetime learning credit is a maximum tax savings of $2,000; a deduction for costly tuition and fees may provide greater savings. That’s what a recent controller thought when he deducted the cost of an MBA, which the Tax Court allowed. Contrary to the IRS argument, this did not qualify him for a new trade or business because he was already established in corporate finance and management before the degree.Daily tips on legal, tax, financial, and other matters to make you a smarter entrepreneur.
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