Hello,
In 2016-2017 I attend a collage to obtain a 2nd maters degree and license in order to keep my job at the time. I had completed the program and obtain the degree. I however left my job due to two young children. Since i did not need the License at the time I never applied and paid for it. Now my children are older, I am able to work form home in my own business teaching/tutoring. I went ahead and paid for the license cost and the background check that was required for it.
My question is am I able to deduct the License and background for this since I using it Now on my business, or I cannot deduct it since this was related university that I graduated in 2017. They approved the application and background check just two months ago when I applied, I did have to take a few extra steps in paperwork since I applied for it now instead of right after graduation but the cost is the same.
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The expense can only be deducted in the tax year that it was paid.
Your post is a bit unclear. Are you saying you paid for the teaching license and background check back in 2017? Or during 2024? You cannot use an expense you paid in 2017 on your upcoming 2024 tax return.
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