Can I deduct training expenses that I paid with a company credit card? (LEGAL TAX DEDUCTIONS)

– [Toby] I have taken Real Estate Training and Investing using my LLC's credit card Who's credit card? The LLC

My LLC is a software development company that is creating finance software related to portfolio management I'm going to assume that portfolio might be real estate 'cause it's going to have an effect Can I deduct those courses? Jeff, can you deduct those courses? – [Jeff] Ah, we go back and forth on this issue I'm sometimes leary if there isn't a clear connection between your current business and the education you're taking – [Toby] Hm-mm

Here's the big question Is it a new business? Or does it help oops, existing business? Because if it's a new business, what's the answer? – [Jeff] The answer's no – [Toby] Then you don't get to write it off So if you're creating a new business inside your company, that the company is not in, you're going to have a problem with it If it's your existing business and we're just helping, here I got to do that right, and you're trying to help the existing business, then the answer is, yes

So I'll make this easy No, yes So which one do you think it should be? (chuckles) I think I'm going to, yeah And again, this is why we tend to put our courses, we like to capture them as a startup expense in a corporation 'cause then we're just making it a non-issue, because the C corp is going to be in the business of managing all the other entities – Right

– [Toby] And so we like to capture that and say, hey it's in the investigation of the business So we're going to put it as a startup expense We're going to grab it under, what is that, 195? – Yes – It's the Section 195 All right