CFA exam expenses and real world tax deductions/credits

CFA General
#1

Anyone have experience in boosting the amount of their tax refund every year with CFA exam related expenses?

I know I may have a misleading username here - however, I really earn about 1.65% of 10K a day, and my business card reads Jr. Ops Spec. instead of CEO.

Basically this:

  1. OP is 24 yr’s old. 2) Just spent $2,500.00 on resigning up for L2 exam/study materials 3) OP makes a measly $45K a year (no bonus this year either I guess). 4) OP’s want’s to get as FAT of a refund (if at all) as possible.

There’s got to be some continuing education tax deduction/credit out there right? O’bama promised this right?

#2

does your company reimburse you for expenses?

#3

i wouldn’t use the Obama line if the IRS comes knocking. Obama also promised if you like your doc, you can keep it, and that every household will save 2500 a year on insurance. all in all, unless your name is hillary Clinton, you’ll find a hard time getting away with things

#4

Truly a hacksaw if you’re getting any refund at all, unless you’ve realized some unexpected losses after paying quarterly. Maybe a small overpayment is okay, but you should have adjusted January’s payment if you’re a BSD.

#5

BSDs don’t take the CFA.

#6

^Does one have to relinquish the charter if he or she subsequently becomes a BSD?

#7

I’m starting to have mixed feelings on going to college, spending 400 hours to pass a finance exam, and working in finance to take home right around a ball park of $30K. The amount I pay away in taxes is astronomical for what I’m earning. So guess I’m just an average swinging dong.

no.

#8

Plumbing

#9

how old are you dude

#10

Answered in the first post - 24.

#11

Why did you spend $2500 on Level II when you don’t make a lot of money? You could have paid $650 and had all the materials you need.

This thread makes me sad.

#12

Whatever the tax provisions I am sure you can’t deduct study materials. Exam fees maybe, as professional subscriptions etc.

#13

^In Croatia I can but not as a private person than legal entity.

#14

I can presume you can’t show such an expense on a dormant entity either, albeit a legal entity. Can you carry forward taxable losses solely due to this expense? No. But if it is a proportionately minuscule expense it will be allowed. I know the letter of tax law is different all over the world but the spirit is mostly the same. I mean the taxman won’t bother with making adjustments if it isn’t worth the time.

#15

Nope. Cost of education including all material is always double tax deductible in my area thus is the permanent difference.

Recall level 1.