Just feeling a little bit goofy and creative here. Maybe we should treat the CPA study related expenses as a “hobby” like “fun” and “personal enrichment,” then we might be able to dedcut the expenses, right?
Here is the IRS publication defines “hobby”:
https://www.irs.gov/newsroom/article/0,,id=169490,00.html
“In order to make this determination, taxpayers should consider the following factors:
Does the time and effort put into the activity indicate an intention to make a profit? => Yes
Does the taxpayer depend on income from the activity? => Yes
If there are losses, are they due to circumstances beyond the taxpayer’s control or did they occur in the start-up phase of the business? => Yes
Has the taxpayer changed methods of operation to improve profitability? => Yes
Does the taxpayer or his/her advisors have the knowledge needed to carry on the activity as a successful business? => Yes
Has the taxpayer made a profit in similar activities in the past? => Hopefully
Does the activity make a profit in some years? => Planning to
Can the taxpayer expect to make a profit in the future from the appreciation of assets used in the activity? => Yes
The IRS presumes that an activity is carried on for profit if it makes a profit during at least three of the last five tax years, including the current year”
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