topic Can I deduct my tuition expenses(mba) as a business expense from my LLC? It is a 2 member LLC where I am a 50:50 partner. I am a managing member handling the biz. in Business & farm

Can I deduct my tuition expenses(mba) as a business expense from my LLC? It is a 2 member LLC where I am a 50:50 partner. I am a managing member handling the biz.

exocorp — Mon, 03 Jun 2019 17:35:40 GMT

The tuition expenses are towards my MBA, which will further my skills and knowledge for operating the LLC.

No, unfortunately, this is not a deductible business expe...

JohnH2 — Mon, 03 Jun 2019 17:35:41 GMT

No, unfortunately, this is not a deductible business expense. The IRS does allow deductions for education required to maintain or improve skills required in your present job. Continuing Professional Education courses, for example, are deductible. However, the cost of obtaining an education leading to a new profession or occupation is not deductible. MBA courses could be used either way. However, at the end of the day, you will have a new Diploma on the wall with a new job title. If you already have an MBA and the courses are simply refresher courses, this would be a different answer.

I am the only one running the company though. My title wo...

exocorp — Mon, 03 Jun 2019 17:35:42 GMT

I am the only one running the company though. My title wouldn't change. I am before and after the MBA still the Principal/Managing Member. Still can't deduct as a company expense?

My understanding is that MBA's are treated differently th...

sericluellen — Mon, 03 Jun 2019 17:35:43 GMT

My understanding is that MBA's are treated differently than degrees in specific other fields