CAN MBA Tuition Tax Deductible

Hii sir, I wanted to know that is MBA Tution fees is Tax Deductible ? if yes then give me some information about this ?

[Saksham]

Yes , As per my knowledge the MBA Tuition fees is Tax deductible Deducting MBA expenses can provide you with significant tax savings.

Cases:

First, tuition is deductible when it pays for an education that improves or enhances the skills necessary for your job or business, and/or the MBA is a requirement requested by your employer or regulations. The catch: It can be difficult to argue that you have to do an MBA (and grad school in general) to be able to do your job.

Second, the education must be related to a trade or business which you are ‘carrying on’, namely that you have already had several “consistent” years of experience before starting the program, and then plan to return to a career where you will continue to use the improved or enhanced skills in your post-MBA employment position (it is acceptable to change industries and employers but you must demonstrate the above).

Expenses Include:

. Deductible education expenses include:
Tuition & Fees
Case Materials and Books
Computers & Peripherals (if required by curriculum)
Miscellaneous Supplies

IRS Rules for the Deduction of Taxes :

IRS Rules for Determining Eligibility