Does Work Related Education = Tax Strategy Change?

​As a small-business owner, you probably incur work-related education expenses from time to time. You may even decide to pursue an advanced degree, such as a Master of Business Administration (MBA). 
 
You likely want your employees to be on a path of continuous improvement.
 
There’s much to know about how such business deductions work for both you and your employees. The Tax Cuts and Jobs Act (TCJA) tax reform may trigger a need for you to change your tax strategy to help your continuous learning  employees.

​Your employees productivity may increase once you strategize around this so you can offer these service to them.  For 2018–2025, the TCJA outlaws write-offs for miscellaneous itemized expenses that under prior law were subject to the 2 percent of adjusted gross income (AGI) deduction threshold.
 
Included in this category are unreimbursed employee business expenses. So for 2018–2025, employees may not take miscellaneous itemized deductions for unreimbursed work-related education expenses. 
 
As an employer, you may need to strategize around educating your employees.  As there are three key benefits:

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1. You will have smarter, better employees who benefit your business because of their continuous improvement.
2. You will have happier employees because you not only save them money by reimbursing them for their continuous learning, but also visibly show that you care about them.
3. You deduct the education reimbursements.  

If you would like our help with education possibilities and deductions for you, your business and your employees, call us at 262-358-8297.

There are specific steps that you and your employees need to complete to make this plan viable. 

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