AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size.
I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, Your Money.
Education/Credentials BBA, Baylor University.
Awards and Honors IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 4/10/2008 Subject: 1099-misc question
Question i recently received a 1099 misc. i know that i must file schedule se and schedule c. i was wondering if i could deduct my education expense from my business expenses . i recently received my associate degree on dental technician in 2007 and right after i got it, i worked as an independent contractor to a company. i paid for the education for my degree and used that degree for my employment as a result i was wondering wether i could use it as business expense when determining net profit for my business. thanks.
Answer You may not deduct as a business expense on your Schedule C the costs of educational expenses that qualify for a new career or profession. However, you may qualify to deduct a portion of those expenses elsewhere on the return (Form 8917) or take a tax credit for a portion of these expenses (Form 8863). Furthermore, you may be able to deduct a portion of interest paid on student loans.
