Can life coach training expenses be tax deductible?

April 08, 2015 by Dave Du Val, EA
Personal Development, Guiding Skills, Help, Coaching, Learning

Hey Dave,

My wife is training to begin her career as a life coach. Can the expenses of her training, including tuition, room, board & travel, be tax deductible?

Sandep

 

Sandep,

Probably not. Generally, education and training expenses that qualify you for a new job are not deductible. However, if the training is being offered by a qualified educational institution, there is a chance that you may qualify for an American Opportunity Credit, a Lifetime Learning Credit, the Tuition and Fees Deduction, or the Student Loan Interest Deduction if you are paying for the education with a qualified student loan.

More information on tax benefits relating to education may be found here. You will also find useful information in the Education section of TurboTax in the Deductions and Credits area. Please look over all of the material carefully to be sure you qualify before claiming any credit or deduction, as each has specific requirements attached to them.

Deductibly Yours,

Dave

SEARCH

 

David E. Du Val, EA
Chief Compliance Officer for TRI Holdco

 

Dave Du Val, EA, is Chief Compliance Officer for TRI Holdco. Inc., the parent company of TaxAudit, and Centenal Tax Group. A nationally recognized speaker and educator, Dave is well known for his high energy and dynamic presentation style. He is a frequent and popular guest speaker for the California Society of Tax Consultants, the California Society of Enrolled Agents and the National Association of Tax Professionals. Dave frequently contributes tax tips and information to news publications, including US News and World Report, USA Today, and CPA Practice Advisor. Dave is an Enrolled Agent who has prepared thousands of returns during his career and has trained and mentored hundreds of tax professionals. He is a member of the National Association of Tax Professionals, the National Association of Enrolled Agents and the California Society of Enrolled Agents. Dave also holds a Master of Arts in Education and has been educating people since 1972. 


 

Recent Articles

Inheritance on top of money
Generally, when you inherit money it is tax-free to you as a beneficiary. However, like so much in tax law, the answer to this question is “it depends.”
Warning tax scam sign laying on a keyboard
The IRS has published a “Dirty Dozen” list to warn taxpayers to beware of joining the thousands of people who lose millions of dollars to scammers each year.
Stimulus Check
If you are currently under audit with IRS, you will still receive a stimulus check if your income falls within the eligibility limits.
small business owner
If you are the sole proprietor, the chance of being selected for audit by the IRS is 4.5 to 12 times higher than it is individuals without a business.
This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.