Tag Archives: American Opportunity Credit

Parents Take Tax Credits for Kids

You may be entitled to beneficial tax credits when you have children. Some credits are specifically aimed at parents and can be extremely helpful in saving money or in compensating for the cost of raising children. You can claim your child as a dependent in most scenarios, including children who were just born in the […]

Education in Tax Credits

For those who pay for their education, some tax credits can help to reduce the amount due. For those responsible for education expenses, such as tuition, fees, textbooks, supplies and equipment, the American Opportunity Credit and the Lifetime Learning Credit are available. Some expenses incurred, such as insurance, transport and personal charges, are not eligible […]

Two Education Credits Explained for 2017

Students and graduates can save a significant amount of money at tax time by utilizing one of the following education credits. American Opportunity Credit You can claim up to $2,500 per student to account for tuition, activity fees, books, equipment and supplies, provided the student in within their first four years of college. Requirements state […]

Educational tax credits can help taxpayers save when they file their return if they incurred any education-related expenses during the year. However, as the student in the following situation discovered, educational tax credits are based on what you actually paid, not what was billed. The Situation In 2010, the full-time Hampton University student registered for […]

American Opportunity Tax Credit

If you have qualifying education expenses you may be able to deduct them using the American Opportunity Credit. This credit covers the first $2,000 of education expenses that qualify, plus 25% of the next $2,000 for a total maximum credit of $2,500 annually. Who is eligible for the credit? If you pay for qualifying education […]

Tax Credits You May Qualify For

Have you ever owed taxes after you’ve filed your return in April? If so, you’re probably looking for ways to save this tax season. Seeing which tax credits you qualify for can make a big impact on your tax bill this season. Tax credits are a big advantage to taxpayers. Qualifying for a credit is […]

Refundable Credits For Those Who File

Although most Americans are required to file a tax return, there are cases where some taxpayers aren’t required to file. However, it may be in your best interest to file, even if you don’t necessarily have to. If you made estimated tax payments or had federal income tax withheld from your paycheck, you may be […]

College students are eligible for some important tax credits that can benefit you in a big way when you file your return. Whether you’re enrolled yourself, or you’re the parent of a college student, you can claim different educational deductions and credits. There are two different types of educational tax credits, and each one is […]

Tax Credits for College Expenses

If you pay for college, you likely are aware how quickly the expenses can add up. Thankfully, there are two different education tax credits which can assist in making higher education a little more affordable. American Opportunity Credit Worth up to $2,500 for each eligible student during the first four years of college, this credit […]

If you’re married, you have two different status options for filing your taxes. You can file Married, Filing Separately, or Married, Filing Jointly. Whether or not you share a bank account, or have separate financial accounts doesn’t actually matter. What does matter is your marital status. Filing your tax return separately from your spouse’s is […]