How do I deduct is executive coaching tax deductible on my taxes?
Business Expensesconsultantssmall business ownersfreelancersexecutivestax
Executive coaching is deductible as a business expense if it is directly related to your current business, trade, or profession. The coaching must aim to improve skills directly related to your job or business operations. For example, coaching that enhances leadership skills for a business owner or manager is typically deductible. However, if the coaching is more personal in nature, such as life coaching or general personal development, it is not deductible. Additionally, if the coaching is intended to qualify you for a new trade or business, it is not deductible. Ensure the coaching is documented as a business necessity to avoid issues during an audit.