Thank you very much for continued responses, I truly appreciate it.
what are your thoughts on the timing of setting up the business, not having any income yet, and starting a masters degree within a few months of starting a business?
I started sourcing business in 2023 November. Pitched a couple of clients. Did not earn the business.
in May-June 2024, formed an inc., rented a virtual office, opened a bank account and started making cold calls to source business, have no had any customer yet.
and I’m starting a masters degree in software management in September ( it’s not the minimum requirement to have an IT services but will help me improve me knowledge, skill and networking for future business opportunities).
Now, my question is,
1: am I not allowed to deduct the cost of my masters degree as a business expense, if I have not made any money in the business yet but has incorporated it before I began my masters degree? Are new businesses like mine (that haven’t made any money yet or are in losses), legally able to deduct the cost of masters degree?
2: does the timing of incorporation and the timing of masters degree commencement raise suspicion?
also, please suggest,
if I am able to deduct the education expenses for my business in this case, should I pay the college through my business bank account?
how will getting a student loan work in this case?
thank you in advance.
