Using my business account to pay back student loans???

[TysonCook]

Hello,
I have a business account set up through my group. Basically I dictate how much of my paycheck goes into that account, and then I can submit reciepts and be reimbursed for "business expenses".

Long story short, does anyone know if you can use this type of account to pay back student loans?
Are student, or CAN student loans, be considered a "business expense"?

Thanks!
T

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[odieoh]

edited for spam by mod

Well its good to know you are a professional money lender, I wouldn't even think about doing business with the amateur money lender league. Maybe a triple A farm team lender, but no lower. Also, nice apostrophe.

To the OP, you would need to talk to an accountant but I highly doubt you can swing it that way. Sometimes you can set up your employment agreement for the group to pay a certain amount on your student loans but I think it ends up being counted as compensation all the same and is thus taxed.

 

[CrackBaby]

Training for the job, including degrees etc are tax deductible expenses if they are done (or can be shown to be done) for the purposes of furthering the business.

If you did the education before being in that business then legally no and paper trail no as well. If you can show otherwise go ahead.

source: accounting degree

 

[amakhosidlo]

Training for the job, including degrees etc are tax deductible expenses if they are done (or can be shown to be done) for the purposes of furthering the business.

If you did the education before being in that business then legally no and paper trail no as well. If you can show otherwise go ahead.

source: accounting degree

Eh, although the part about incurring the expense in the distant past holds true, expenses related to entering a profession, are not deductable business expenses. So that means your education to become an M.D, your licensing exams, etc. Further training within your profession (i.e CME or additional degrees) is a deductable expense.