No, you cannot use the same education expenses for both the Lifetime Learning Credit and as a deduction for your business. The Lifetime Learning Credit allows for a credit of up to $2,000 on the first $10,000 of qualified education expenses. If your education expenses exceeded $10,000, you could deduct the remaining expenses as a business expense on a Schedule C.
Or if it provides a greater benefit, you could deduct the entire education expense as a business expense if the expense meets the following criteria:
- The education is required by your employer or the law to keep your present salary, status, or job.
- The education maintains or improves skills needed in your present work.
However, education expenses that are needed to meet the minimum educational requirements of your present trade or business, or are part of a program of study that will qualify you for a new trade or business are not deductible business expenses. Please see page 66 of this link to Publication 970 for more information.
Another important fact is unreimbursed employee business expenses are no longer deductible unless you are in one of the following categories of employment:
- Armed Forces reservists
- Qualified performing artists
- Fee-basis state or local government officials
- Employees with impairment-related work expenses
Please click on this TurboTax article for more information.
@dbamba
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