Many health and wellness practitioners choose to continue their education, attending courses (ie, CEUs), workshops, and conferences to further improve their skills and learn how to run their own businesses. As long as these endeavors apply to your practice, the costs can be written off.
What is considered Continuing Education?
Continuing education costs cover seminars, training, and other essential activities that are necessary to maintain an active license and fulfill the requirements for state licensure. The IRS requires that the training be reasonable and necessary to perform your business. Continuing education trainings are a healthy business expense because they lower your taxable income, and they are useful for your business.
Travel expenses incurred to attend training are also deductible. For more, see What counts as a travel expense?
What about graduate degrees?
Unfortunately, when it comes to attending university and pursuing a bachelor's, master's, or doctoral degree, the IRS provides rules that differ from those for continuing education. The IRS classifies this as a personal expense.
Instead, you may claim the Lifetime Learning Credit of up to $2,000 on your tax return.