I am a US citizen and had a sole proprietor business developing software in the US; then, I finished an undergraduate degree in Computer Science in the US, and now continue to make income developing software in a (now differently-named) sole proprietor business in the US.
I would like to attend a tri-lingual graduate school in Italy for two years, for a Master's Degree in Computer Science to increase my value as a software professional, and so that my sole proprietorship company in the US can tap into the European and non-English speaking computer science markets.
Can I take any deductions on my sole proprietorship's Schedule C for this?
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Yes, as long as the education is considered "qualifying work-related " education. This means that the education "maintains or improves skills needed in your present work."
If it will also qualify you for a new trade or business, it is not considered qualifying work-related education and is not deductible. It sounds like the coursework you intend to pursue would be considered related to your present job.
For more information on deducting education expenses, see IRS Pub. 970, Tax Benefits for
Education. The discussion of qualifying work-related education starts
on page 58. Page 71 of this publication discusses the expenses that can
be deducted.
Yes, as long as the education is considered "qualifying work-related " education. This means that the education "maintains or improves skills needed in your present work."
If it will also qualify you for a new trade or business, it is not considered qualifying work-related education and is not deductible. It sounds like the coursework you intend to pursue would be considered related to your present job.
For more information on deducting education expenses, see IRS Pub. 970, Tax Benefits for
Education. The discussion of qualifying work-related education starts
on page 58. Page 71 of this publication discusses the expenses that can
be deducted.
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