Deducting College Costs as a Business Expense

UPDATED: Sep 30, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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