Most physicians are familiar with the necessity of Continuing Medical Education (CPE), although many ignore the impact of education on the medical practice’s employees -- one of the major assets of any practice. Fortunately, the cost of continuing education, as well as training and educating the practice’s employees can often be reduced by our tax laws.
When it comes to smarter workers, everyone benefits. The practice prospers with smarter, better-trained employees -– and a tax deduction if the practice foots the bill for employee education or training costs. Those smarter employees, along with the practice’s principal(s), can reap tax deductions for the education costs they personaly pay for.
While expenses incurred to meet the minimum requirements of anyone’s present professional status or to qualify them for new professions, trades, or businesses are not deductible, education that helps a physician meet the requirements for maintenance of licensure, maintenance of specialty board certification, credentialing, membership in professional societies, and other professional privileges, are usually tax deductible.