If you’ve paid for certification, licensing, or professional exams, you might be eligible for a tax credit for exam fees—but many professionals miss out. Whether in the medical professional, or real estate professions, or a variety of other professions with various forms of certification, licesning and exams, certain fees paid to educational institutions or professional bodies can help reduce your tax bill, but only if you know how to claim them. In this video, I break down what qualifies, where to find the right documentation, and how to maximize your tax savings.
Video Transcript: Can you claim a tax credit for exam fees?
Examination fees may be something that you’re able to take advantage of from a tax perspective.
A tax credit is available for certain exam fees that provide certification, licensing, or professional body status.
Usually, these fees will be captured in a receipt from the professional body or educational institution providing the training.
Take a look—it’s something you may not have remembered, and it could provide a little boost for that extra refund or reduction in taxes this year.
I’m George Dube, saving the world from tax, one bow tie at a time®.
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Resources
For additional resources related to the tax deductions and tax credits, as well as tax deadlines to stay on track, see:
More questions?
Still have questions about tax deductions and tax credits that could benefit your? I want to help you Do wonderful things®, so please contact me today.
Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
