Deducting College Costs as a Business Expense

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Deducting College Costs as a Business Expense

I am a college student running a business related to my major. Could I make
the amount I have to pay for college a business expense?

Asked on January 18, 2017 under Business Law, Maine

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

1) Only if going to college is *necessary* for the business or will convey some definite advantage or benifit on it; it's not enough that the college program and the business are related, but you going to college must serve a definite business purpose. So, do you *need* the training to run the business, or need some certification you can only get with a degree?
2) If your expense is greater than business income, that is a red-flag to the IRS that this was an excessive or illegitimate expense.


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