Educational Expenses

“The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.” – Bob Dole

We’ve watched the campaign promises, the debates, the flurry of activity and our government in action. The biggest tax reform of our generation has just been passed into law. So what does that mean for you? Will you see more money in your pockets, or are the taxes going up for you next year?

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Question:
I’m employed by a large company and earn around $250,000 per year. In addition, I have about $100,000 in annual business income from consulting that is reported on Schedule C. I attend a college in Chicago, and it is a post-secondary educational facility. Can I claim the education costs on Schedule C, and the out-of-town travel costs associated with my education? I’m receiving mixed answers online for whether or not I can deduct educational expenses for work.

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