Is having Logos able to be claimed as a tax deduction?
As a student in a Bible college, along with claiming my textbooks and other as a tax deduction, do y'all know if I can claim Logos as well since most of it is school related. I'm still paying since I'm doing a payment plan with Logos so I do see it as still spending money on it.
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I wouldn't take any tax advice from the forums. [;)]
My guess is that yes, some people are able to claim Logos as a tax deduction. That is, of course, no help to you.
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Ha ha instead of taking advice, lets call it fielding for opinions.
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I don't think you can in Canada but it would be nice.
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There has been some discussion of this before:
I can only tell you how it works in the UK, but I guess that's not much use to you [:D]
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I think you can. In my case a few years ago, I paid for my first Logos QB cash and at the end of the year I claimed it as a deduction since it was part of my tools to do my job back when I was a full time minister. Now, as a student, I don't know how it would work, but I think it would be something similar; especially if the software is required by your Bible college.
Check with your college or certified tax guy or CPA in formal terms for more accurate information. [:)]
DAL
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Any required text books thru logos are as deductible as any required books through amazon.
As a pastor, its something I believe is requisite to doing my job properly. Especially since my church has no library...L2 lvl4 (...) WORDsearch, all the way through L10,
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There are several different educational benefit deduction options. In general if Logos is not required course material forget it [:(] An individual book, if required course material, may be deductible but not if using "Tuition and Fees Deduction." It may be if using "American Opportunity Credit." Trying to figure all this out is quite taxing.
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When I was in seminary, I deducted all books as educational expenses, and now that I teach a high school course on the Bible as Literature, I do the same.
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The question, of course, is not what can one deduct, but what will survive an audit.
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My tax man (we are in the US) takes my purchases off every year. Of course you have to be ordained, be able to prove their necessity, etc. as a business expense. My computers are tax deductible too.
but consult a tax professional to see if it is right for you.
Yours In Christ
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Thx y'all. I'm going to have find out with my school as well.
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I deducted my logos purchases while attending school- perfectly legal according to our CPA.
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Whyndell Grizzard said:
I deducted my logos purchases while attending school- perfectly legal according to our CPA.
Aren't the deductions only allowed as an expense offsetting related occupational income?
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Not sure about your issue, but according to tax expert Dave Barry, medical expenses for injuries sustained while fleeing IRS attack dogs through the woods are NOT deductible.
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Just an opinion. In the USA, it would depend upon whether or not Logos is a legitimate tool of your trade. Would a paper book be deductible? If so then an electronic b hook would also b e deductible.
Better get some real tax advice.
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Michael Childs said:
Just an opinion. In the USA, it would depend upon whether or not Logos is a legitimate tool of your trade. Would a paper book be deductible? If so then an electronic b hook would also b e deductible.
Better get some real tax advice.
That's why you use a CPA it's their territory
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Rick Cabral said:
As a student in a Bible college, along with claiming my textbooks and other as a tax deduction, do y'all know if I can claim Logos as well since most of it is school related. I'm still paying since I'm doing a payment plan with Logos so I do see it as still spending money on it.
One crucial point to be remembered in all jurisdictions is that 'Logos' does not cost any money - it is a 'Free Resource' and therefore not claimable against tax anywhere (I would GUESS).
If individual volumes of books are claimable against tax in your jurisdiction then that is what should be claimed for.
tootle pip
Mike
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To reiterate the repetitive reminders above, some expertise is recommended. I used to be a CPA and am no longer 'an expert' (rules change considerably). But historically, the rules are very dependent on each individual situation, due to the relationship between the church and how income is structured and the minister. It gets further complicated with Social Security, and other taxes as well (property tax, personal taxes).
Here is an IRS audit guide to illustrate from 2009 (downloaded today; they're still auditing 2008 in some cases).
And a decent discussion site:
And Zondervan puts out a yearly guide:
At our church, the elders work closely with the minister to make sure his tax issues are minimized, well in advance of 'time to do taxes'.
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As a PASTOR, one needs to be concerned with the employment/self-employed deductions. As a STUDENT (the OP) there are different rules for education related expenses.
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