Deducting executive education under my s-corp?

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veritas
Posts: 13
Joined: Thu Jan 26, 2017 7:03 pm

Deducting executive education under my s-corp?

Post by veritas » Tue Aug 13, 2019 11:48 pm

I'm considering joining a executive education program designed for business owners.

Would I be able to fully deduct this expense as it meets the requirement that it "Maintain or improves skills required in your existing business"? I'm seeking the Business Deduction for Work-Related Education mentioned in IRS publication 970 but it only states "self-employed" which is confusing as to whether an S-Corp structure would still qualify?

Does anyone have any experience with this program or other executive education programs like it and taking business deductions? Tuition is 132K over 3 years so the deduction is a large consideration factor for me.
Last edited by veritas on Thu Aug 15, 2019 5:23 pm, edited 1 time in total.

megabad
Posts: 2228
Joined: Fri Jun 01, 2018 4:00 pm

Re: Deducting executive education under my s-corp?

Post by megabad » Wed Aug 14, 2019 7:22 pm

veritas wrote:
Tue Aug 13, 2019 11:48 pm
I'm considering joining the HBS OPM program (executive education program) designed for business owners.

Would I be able to fully deduct this expense as it meets the requirement that it "Maintain or improves skills required in your existing business"? I'm seeking the Business Deduction for Work-Related Education mentioned in IRS publication 970 but it only states "self-employed" which is confusing as to whether an S-Corp structure would still qualify?

Does anyone have any experience with this program or other executive education programs like it and taking business deductions? Tuition is 132K over 3 years so the deduction is a large consideration factor for me.
For a corp wouldn't this fall under 15B as a fringe benefit? If so, I would think you would need to abide by the limits there (for tax deduction). I am not sure of the rules in this specific situation though.

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