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Keywords: Stock Photography Tax Tips, Tax Attorney Photo, Travel Tax Tips
Tax Tactics
| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95. Julian Block, 3 Washington Sq, Station 5, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board or join him in the Chatroom for a chat on Taxes on Monday nights at 10:30 EST. |
IS EDUCATION DEDUCTIBLE?
Q. I'm a professional photographer, and I've decided to go for a degree in computer graphics at a local university. Though I may or may not ever go into the profession, I figure the letters after my name will give me some cachet as a photographer in the field. So I figure the money for school is an investment in my photography career - and an okay business-expense on my tax return. Is my assumption correct?
A. You cannot take an education-expense deduction for something that will enable you to meet minimum education requirements for a future occupation or to qualify in a new endeavor. You can take an education-expense deduction for spending either to maintain or improve skills required to perform your current job or business - or to meet the requirements of your employer or of laws or regulations for keeping that job. An isolated course that would enable you to better your computer graphic skills would be deductible.
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