You’re a smart and savvy business type, right? Sure you are, or you wouldn’t have the taste and intelligence to find and read this article. You probably know that coding bootcamp is an ideal option you can use to get the sort of training that employers like to see, but you might have wondered about paying for class. “Can I deduct bootcamp?” has probably crossed your mind at one point or another, and knowing the answer will determine whether you can afford the training.
That’s why we put this article together, my inquisitive and frugal friend. In this guide, we look at claim coding bootcamp as expenses on your taxes. You’ll be happy to learn that it’s possible to deduct your bootcamp costs come tax day, but you need to know the right situations to make it work. We help you figure out that information and put you on the road to a rewarding learning experience.
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Who Required You to Take the Course?
In so many things in life, intent is a huge part of determining cause. Did you decide that you wanted to take a coding bootcamp course because you’re looking for a new job? That’s on you, and you won’t be able to claim it. If your reason for taking programming bootcamp classes is personal and not related to your current employer, you’re gonna be on the hook to pay for your classes. You’re the one who benefits from the training, after all.
If your employer is the one who requires the training, then we’re looking at a whole different deal. Employer-required training is tax-deductible if all of the following are true:
- Your status, job, or salary is affected if you don’t get the training,
- You’re getting training to improve an existing skill rather than to learn a new one, and
- You aren’t taking the course to meet minimum educational requirements.
If you can check all of the boxes, you can get Uncle Sam to accept your training as a business expense.
We mentioned that employer-mandated training can only be tax deductible if, among things, you’re getting training to build on an existing skill. That’s not restricted to instances that involve an employer, though. You can get coding bootcamp training on your own time covered. If you’re not trying to flat-out get new training on new skills, you can claim that sucker on your taxes.
Like the employer-required training, you’ll have to meet specific requirements for your coding bootcamp to fall into tax-deductible territory. You’ll need to make sure that you’re working while you get the training, for starters—training you start after having been off work for a year or more is all on you, my friend. You’ll also have to tread carefully if your training gives you access to different clients. Any education that qualifies you for new business won’t qualify as tax deductible.
And that’s the whole story, my happy campers. Getting coding bootcamp training is a sure-fire way to make yourself valuable to potential employers, but they’re not cheap. “Can I deduct bootcamp?” is a common question to ask. Our guide has the answer and shows you when you can claim your coding bootcamp.
About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication.
What about if you the business owner taking the training.