Taxes and Education

This is a great time to become a Certified Loan Signing Agent. Take advantage of the tax deduction.


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There are two days left in the year to take advantage of deductible educational expenses.


www.1NotarySchool.com has included IRS Topic 513, with the informational links and guidelines below.


IRS Topic 513 - Educational Expenses (from the IRS.gov Website)

You may be able to deduct work--related educational expenses paid during the year as a itemized deduction on Form 1040, Schedule A (PDF).



To be deductible, your expenses must be for

1. Education that maintains or improves your job performance.

2. Serves the purpose of your employer and is required by the employer or by law to keep your salary, status or job.

3. The education is not part of a program that will qualify you for a new trade or business.

Although the education must relate to your present work, educational expenses incurred during temporary absence from your job may be deductible. However, after your temporary absence, you must return to the same kind of work. Usually, absence from work for one year or less is considered temporary.



If you are an employee, you generally must complete Form 2106 (PDF) or Form 2106-EZ(PDF). Educational expenses are deducted as miscellaneous itemized deductions on Form 1040 Schedule A; they are subject to the 2% of adjusted gross income limit. For more information on the 2% limit, refer to Publication 529and/or Form 1040, Schedule A&B Instructions.


Self--employed individuals include educational expenses on Form 1040, Schedule C (PDF), Form 1040, Schedule C-EZ (PDF) or Form 1040, Schedule F (PDF).


r employer may report the educational assistance payments on your FormW-2 (PDF) in the appropriate box under "other". Taxable reimbursements will be reported by your employer as income to you in the appropriate box of Form W--2.


For more information on educational expenses or Education Tax Credits, refer toChapters 11 & 12 of Publication 970, Tax Benefits for Education.


Take advantage of this great offer and take your education deduction for the year 2009.

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Happy Holidays and a prosperous New Year.

From the Staff at 1NotarySchool.com


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