I’ve been thinking about going back to college to get my master’s degree.  Because I’m a self-employed writer, and because I’ll be getting my master’s in writing, technically I can claim my college costs as a business expense.

The problem is, I really can’t afford college on my own, so my parents are planning to help out a little.  I am worried that their monetary gifts will complicate my taxes and make it so that I can’t claim college as a business expense any longer.  Since claiming tuition as a business expense will enable me to reduce my net income substantially, I want to be able to claim it.  But how do I get around this loophole?

I was talking to a friend about my dilemma, and she suggested looking into certified college planning.  She’s right, of course — I don’t have the answers because I’m not an expert on the subject.  Until now, I’ve been able to do my own small business taxes, but that doesn’t really make me an expert.  I’ll eventually need to start consulting true experts to help me ensure that I am doing my taxes correctly, and not paying too much or paying too little.

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