Wednesday, September 28, 2005

Ruling Allows Deduction on an M.B.A. Degree : Workplace

Ruling Allows Deduction on an M.B.A. Degree : Workplace:

Under Section 162 of the IRS code, taxpayers can deduct educational costs as a business expense if the coursework maintains or improves skills required in their current jobs or if the education is required to keep their present salary, status or job. If, however, the education qualifies the taxpayer to work in a new career or if the coursework is necessary as a minimum-education requirement for a job, then such expenses aren't deductible.

Sounds like anyone getting an Executive MBA should be able to deduct their tuition, while it leaves regular MBA degrees open to question...


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