Tax Deductible Library Subscriptions

Dear Friends, 

In this article, I would like to mention that you may be able to write off your subscription to this Library as a business expense on your taxes. 

Disclaimer: The following content is not legal or accounting advice. Please consult a licensed accountant and lawyer in your jurisdiction to get professional advice prior to proceeding with any material decisions. We are not liable for any damages arising from, or connected with, your utilization of this content for any particular purpose. 

Tax Deductibility

Depending on jurisdiction and circumstances, subscription fees to a library of finance and economics related educational content might be able to be deducted as a business expense – especially if the educational content helps an individual improve or maintain professional skills that are directly related to their business. 

Please keep in mind that all requirements of Federal and State tax authorities must be met in order for a  subscription to be claimed as a tax deductible expense, and all appropriate documentation and records must be kept for future reference. 

Employee Sponsorships

Employers might also be able to sponsor access to this library of content for their employees as a tax deductible business expense. 

In this scenario, the employee would pay for the subscription themselves, and forward their employer the receipts as proof of payment so they can then be reimbursed. Once reimbursed, the employer could then potentially claim the sponsorship expense as a tax deductible business expense. 

An employer might want to offer reimbursement of educational opportunities as a perk for their employees. Similarly, an employee might want to request the sponsorship as a way for the employer to invest in the continuing education of their employees. 

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Please do consult an accountant and a lawyer for professional advice prior to proceeding with any material decisions. 

I hope you found this quick blurb helpful, 

All the best, 

Ricardo Vollbrechthausen