I see you can deduct educational expenses for improving required job skills. Is it possible to decut expenses related to the CFA?
No.
Its a grey area. Use the search as it has been discussed.
According to TurboTax for the 2007 tax year you cannot deduct anything related to gaining a professional designation (CFA, CPA, etc).
No kidding? When I worked at a tax prep agency for 4 months, I learned that one may deduct professional training fees/expenses as long as it is reasonable and necessary for your CURRENT job. If you were preparing for a new job, it was not a valid deduction.
I deducted it for 2006.
I guess it’s possible there is a grey area, however, TurboTax stated in plain English that I wasn’t able to deduct CFA expenses for 2007.
Turkish Wrote: ------------------------------------------------------- > I deducted it for 2006. As did I, and I plan to continue doing so.
So given that I’m being reimbursed I could in a way be getting paid to take the CFA.
Do you have your reciepts? If not, you would be F** in an audit. And an audit is the last thing you ever want. I saw some nasty ones at this place.
thepinkman Wrote: ------------------------------------------------------- > So given that I’m being reimbursed I could in a > way be getting paid to take the CFA. Was the reimbursement taxed?
For me, I do my own consulting, and it’s a necessary business expense to improve the quality of services offered.
I actually think that this is pretty clear: First, the CFA is educational expense. It is NOT deductible if a) You are not in finance now. or b) It is a minimum requirement in a field. This doesn’t seem to be the case anywhere so forget about this one. So you need to be in finance now for it to be deductible then you need to meet one of two “positive criteria”. Either: a) Your boss requires it from you and doesn’t cover all your expenses. or b) It will improve your ability to do your current job. Proving either A or B should be pretty easy. I think this is quite different from CPA expenses because those get axed under the minimum requirement to do the job standard (you get fired eventually if you don’t pass your CPA exams).
prossetti Wrote: ------------------------------------------------------- > I guess it’s possible there is a grey area, > however, TurboTax stated in plain English that I > wasn’t able to deduct CFA expenses for 2007. I like TurboTax, but it is not the final authority on all tax matters.
“Just for discussion”…what if you’re being reimbursed and you then go ahead and claim it on your taxes. Would the IRS know you were reimbursed?
“Do you have your reciepts? If not, you would be F** in an audit. And an audit is the last thing you ever want. I saw some nasty ones at this place.” On my return CRA referenced the CFA and said it would allow the deduction. Why would I not have my receipts?
Joey, its been awhile. This is a Schedule A item correct?
thepinkman Wrote: ------------------------------------------------------- > “Just for discussion”…what if you’re being > reimbursed and you then go ahead and claim it on > your taxes. Would the IRS know you were > reimbursed? Then you would be committing blatant tax fraud and you would get munched.
thepinkman Wrote: ------------------------------------------------------- > “Just for discussion”…what if you’re being > reimbursed and you then go ahead and claim it on > your taxes. Would the IRS know you were > reimbursed? I suppose as long as you have reciepts you should be fine. I don’t know how the IRS would reconcile this.
KJH Wrote: ------------------------------------------------------- > Joey, its been awhile. This is a Schedule A item > correct? I think so, but it’s been longer for me.