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HOW CAN MBA EDUCATION COSTS BE WRITTEN OFF?
MBA education costs are generally tax-deductible as income-related expenses. The prerequisite for this is that they are incurred for professional reasons and that the course is a continuing education course. Both private individuals and companies can offset MBA education costs against their income as income-related expenses in the case of employees, and as business expenses in the case of companies.In order to be able to claim the tax deductibility of MBA education costs, a number of requirements must be met. For example, the MBA studies must necessarily be related to the professional activity pursued or intended and must be completed out of the student's own interests. All costs incurred in connection with the MBA studies at Düsseldorf Business School must be supported by vouchers, receipts and invoices as evidence. In the following, the following income-related expenses can be deducted for tax purposes: Tuition fees, travel costs to lectures and exams, accommodation costs for longer stays during the studies, teaching materials such as specialist literature and lecture notes, as well as costs for computers, printers, software and consumables required for the MBA studies. The corresponding expenses can be claimed as income-related expenses in the tax return. By looking at the income tax card, the individual situation can be checked to quantify the possible tax savings.
RECOGNITION OF MBA TUITION FEES BY THE TAX OFFICE
Since the MBA program is a continuing education program, the costs are deductible for both employees and companies. At Düsseldorf Business School, the participant in the MBA program receives a certificate for tax deductibility in the corresponding tax return. The participant takes the certificate and invoice to his or her tax office of residence and has the costs of the MBA program entered on his or her income tax card. Afterwards, these costs are digitally transferred to the employer as part of the income tax card, who then directly deducts the corresponding costs each month during payroll. One hundred percent of the MBA costs can be deducted from the income, thus resulting in the corresponding tax relief in the amount of the percentage tax burden.
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In order to prove the deductible MBA education costs to the tax office, relevant receipts and proofs such as invoices, receipts and the certificate of payment of the MBA tuition fees must be collected and submitted with the next tax return.
