When starting a business, trying to understand each aspect can be overwhelming. Not to mention, you may want to further educate yourself in the field you’re in. Webinars, classes, books, etc. can be costly when trying to understand your business better. So are those business educational expenses deductible?
Simply put, yes. Most business educational expenses are deductible. However, the real answer is it depends. Generally speaking, self-employed individuals can deduct any business expense that is ordinary and necessary. When it comes to educational expenses it may be deductible if the expense is legally required or it helps to improve the skills for your business. For example, lawyers in most states have continuing legal education requirements. Lawyers have to take a certain amount of CLE’s to keep legal licenses. Thankfully, those expenses are deductible. Similarly, this applies to other self-employed individuals as well. If you have to do online training or any educational thing you attend to continue the success of your business, it’s deductible.
Overall, being able to expense your educational expenses is situational. In short, this episode of All Up In Yo’ Business details educational business expenses. Be sure to check it out to find out related expenses. Contact us today if you need help with your online business. And be sure to subscribe to our YouTube channel for more All Up In Yo’ Business!
Want more business information? Check Out: Legal Must-Haves For Your Online Business.