If my company pays for my MBA, can I include tuition with my tax return to get more money back?
I thought if you claimed your school that your company pays for you would claiming the funds just like the company. Maybe I just dont understand anything about the process!!!!! please help!
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That would be tax fraud. Not only can you not claim it, but you have to declare it as a type of compensation & pay tax on it.
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You cannot claim it as a tax deduction, but you also don’t need to declare it as income. I believe it’s categorized as a training expense for the company, and not a fringe benefit (like your company giving you a car, membership or expensive tickets for your own personal use).
Any expenses incurred that aren’t covered by your company (for example, if you have to buy your own books) can be covered.
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If you aren’t actually paying for the education it seems doubtful that you would be able to claim it for tax purposes. There may be other school costs that you are incurring that could be claimed.
To know for sure you should find a good accountant and have him or her handle all of this for you. Taxes are a big complicated mess and in my opinion are better left to the experts! Unless you have super simple taxes, I always suggest having someone do them for you.
Good luck!
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No you can’t claim your tuition, because you didn’t pay it. Your company did. In fact, that makes it a benefit and you have to declare it as income. Sorry!
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You can’t deduct your tuition if your company reimburses you for it.
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