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Manager
Joined: 24 Aug 2011
Posts: 104
Followers: 4
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Tax Deduction for MBA Application [#permalink]
 14 Dec 2011, 09:00
Any tax experts in here?
I've heard that MBA tuition can be deducted but I was wondering whether application expenses could be (e.g. the $250 fee, flying and visiting costs, etc.)...
That would make the dings I have / will receive a bit less harsh
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Current Student
Joined: 12 Sep 2011
Posts: 901
Concentration: Finance, Finance
GMAT 1: 710 Q48 V40
Followers: 93
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Re: Tax Deduction for MBA Application [#permalink]
14 Dec 2011, 14:32
I would keep track of all your financial records and hold onto them until you get into the school of your choice. I would file for extension on your taxes for more time. Once you get into that school they will most likely offer a seminar on taxes and school or they will have free help on campus. Sit in on that seminar and take advantage of the free advice. Or you could consult a tax professional in your area. Most important advice, keep good records. Recently had a buddy get audited for too many deductions relating school expenses (not sure what), but he said that having his records allowed for an easy audit resulting in just $800 owed. I think it had something to do with interest on his school loans. Good luck If there are any tax professionals around, I'm sure a lot of people would love to know more about the tax implications of school and how much can actually be deducted. From what I've heard, the tax advantages aren't as good as one may hope.
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Re: Tax Deduction for MBA Application
[#permalink]
14 Dec 2011, 14:32
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