President's Tip of the Week

Are Your Toastmasters Dues Tax Deductible?
(7/7/08)

Your income-producing activity may require the skills you develop in Toastmasters. The expense may be an ordinary, necessary expense for education and:

a. meet the express requirements of your employer for keeping your salary, status or employment, or
b. maintain or improve skills required to perform the duties of your present employment, trade or business.

This category could include a commissioned salesperson, a supervisor or manager, a lawyer or instructor, but would not include work where effective public speaking is not a prerequisite.

All educational/business expenses are deductible only to the extent that they exceed 2% of adjusted gross income. These expenses are no longer allowed as income adjustments; they may be taken only as miscellaneous itemized deductions.

For more detailed information, click here.