Master of Science expense deductible in a newly form IT services corporation? I haven’t made any money in the Corporation yet.

Forum|Forum|1 year ago
August 14, 2024
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I formed a Corp. in June 2024 to start an IT services business.
However, I realized I should do a masters degree to connect with the the software ecosystem better and network with professionals. I will be pursuing my masters while trying to build my IT services business.

I haven’t made any money in the business yet.

can I deduct the cost of my masters degree towards by business deduction?

Not A Product Question

Bsch4477

Employee

While you can’t deduct that cost as a business expense since it qualifies you for a new job, you can claim education credit but only if your school is an eligible education institution. Your school should be able to give you that information.

SinghretailAuthor

Thank you for response.

I had formed the corporation already, rented a virtual office, opened a bank account and started reaching out to potential customers for business even though, I did not score any customer yet.

I have not started my masters degree yet, but I will from next month..

doesn’t it show that I already was in the IT services business before I began my masters degree in software services?