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Does Work Related Education = Tax Strategy Change?

6/5/2019

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​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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    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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