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Educational Expenses

CLG Professional Services
June 22, 2011
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You may be able to deduct work–related educational expenses paid during the year as an itemized deduction on Form 1040, Schedule A. To be deductible, your expenses must be for education that (1) maintains or improves your job skills, or (2) is required by your employer or by law to keep your salary, status or job. However, even if the education meets either of these tests, the education cannot be part of a program that will...

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Tuition And Fees Deduction

CLG Professional Services
June 22, 2011
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You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction. To determine whether your expenses are qualified, refer to Publication 970, Tax Benefits for Education. You do not have to itemize to take this deduction. You can claim qualified tuition and fees as either: (1) a tuition and fees deduction; (2) a Hope or Lifetime Learning credit;...

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Self-Employment Tax

CLG Professional Services
June 22, 2011
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You are self-employed for this purpose if you are a sole proprietor (including an independent contractor), a partner in a partnership (including a member of a multi-member limited liability company (LLC)), or are otherwise in business for yourself. (A sole proprietor also includes the member of a single member LLC that is disregarded for Federal income tax purposes and members of a qualified joint venture.) You usually must pay...

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