Educators often incur significant expenses related to their work. Continuing education is an area of expenditure that can get very expensive very quickly! On the upside, qualifying continuing education expenses can be deducted from your taxes. Read on to find out what counts as an eligible continuing education expense in the eyes of the IRS.
Continuing education is often required by educational institutions to ensure that educators stay up to date on certifications, best teaching practices, and current developments in specific subject areas. In order to deduct continuing education costs on your taxes, you need to make sure that your coursework meets one of two criteria. The continuing education in question must:
- Be required, either by your employer or by law, for you to maintain your current salary, rank, or job.
- Help you maintain or grow your skills or knowledge in your current area of teaching.
If you want to deduct the cost of continuing education, the biggest thing to keep in mind is that it must continue your current path. You can’t deduct the cost of educational coursework if:
- It is undertaken to meet only the minimum requirements necessary for you to obtain your position as an educator.
- It relates to a field, career, or area of expertise that differs from your current work.
If you’re an educator in Cincinnati with questions about deducting continuing education costs, the pros at Taxation Solutions, Inc. are here to help. We’ll be happy to work with you to make sure you understand the tax code surrounding continuing education deductions, as well as other educator-specific deductions you may be eligible to claim.