Trust the #1 CPA Firm for MBA Taxes
With over Hundreds of Students and Counting, Bharmal & Associates is the most reputable and trusted CPA firm in the industry for MBAs.
What Is the MBA Deduction and Do You Qualify? We’ll Tell You!
The MBA deduction comes in several ways. The first is the cookie cutter deduction (Tuition and fees deduction) or the education credit (Lifetime Learning Credit). The second is claiming the deduction as a direct expense related to your work that you are paying out of your pocket. The latter is where the real tax savings come from. However, to qualify you need to meet 4 basic requirements.
The MBA program cannot meet the minimum educational requirement of your trade or business. For example, if you are a project manager and an MBA is required to work at your position, then you cannot claim the deduction. However, most positions don’t require an MBA as a minimum requirement so this criteria is easy to meet for many people.
The MBA program CANNOT qualify you for a new trade or business. For example, if you are an engineer switching to marketing then this is considered switching to a new profession.
The MBA program must also not be required to keep your present salary, status or job. This is similar to the first criteria and easy to meet. Unlike a JD or an MD, an MBA is not an educational requirement by law or an employer for many positions.
The MBA program must maintain or improve the skills required in doing your present work. Luckily, an MBA program is vast and quite broad. It can be applied to a multitude of positions. An added support here is if you can get something in writing from your employer stating as such.
Missed the Deduction in Prior Year? Amend It.
You can normally file an amendment to claim a refund within 3 years of the filing deadline. For example, the 2014 deadline is April 15, 2015. You can amend that return until April 15, 2018. Each situation is different and we recommend contacting us for your unique situation.
Why Choose Our Firm?
Experienced professionals from a firm that has been established for more than 25 years
Detailed knowledge about the MBA deduction including understanding differences between full, part-time and executive MBAs
Ultimate guarantee to maximize your refund
Recommended by hundreds of existing MBAs
Holistic approach in preparing your taxes not just for the MBA
We want to be your CPA firm for life and as you graduate, we want to be there with you every step of the way
