Fewer people are getting their MBAs paid for by their employers. Also, more people are pursuing MBAs for their own career goals, including enhancing their skills as a small business owner or even making a move out of corporate America to become an entrepreneur. The NFIB has an article on the possible tax break you can get for pursuing a business degree.
A United States Tax Court ruling last August could make that advanced degree more affordable, saving small-business owners thousands on their taxes each year....
So does this mean that small-business owners can run out and get their own tax-deductible MBA? Possibly, says Bill Smith, director of CBIZ Accounting, Tax, and Advisory Services' national tax office in Bethesda, Md."For small-business owners, there's a very good argument that, if they get an MBA, it would be deductile. Likewise, we see a lot of small businesses passed on from generation to generation. The deduction would be especially good there, too," he says. "This ruling sets a precedent."
(Thanks to James Shewmaker for passing this along).
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