I keep hearing conflicting info from teachers that our initial training is able to be written off, but seeing your information, it says it is not. Is it pretty much going to come down to what my tax person can do? Thank you 🙏
There seems to be a lot of confusion on this topic, so I'm happy to address your question here.
According to the tax law, you cannot deduct educational or training expenses if it is: (1) needed to meet the minimum educational requirements of your present trade or business, or (2) part of a program that will qualify you for a new trade or business.
Thus, if you were not already a yoga teacher (or any other profession that is remotely close to being a wellness professional), the initial training to help you become a yoga teacher (e.g., YTT for 200) would not be deductible. However, I've been told that many tax preparers deduct the costs for their clients, anyway.
So it does not come down to what your tax person can do but really how accurately (or conservatively) the person interprets the law and also the professional recommendation would depend on the specific facts of the yoga teacher (taxpayer).
Since 200-Hour YTT expense can be substantial, I address this as the very first topic in the eBook. I know it can be disheartening to think that such an expensive cost may not be deductible. But remember that continuing education expenses are deductible (assuming they are reasonable, among other regular requirements). So you can continue to deepen your expertise and skills as the teacher. 🤓
I hope this was helpful!