Tag Archives: Education Credits

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 […]

Deducting expenses you racked up during your education can offer a little bit of a break at tax time. Certain educational expenses qualify while other do not. The general rule is that “qualifying” educational expenses include money you paid for tuition and other fees for an eligible student. While that seems like it covers a […]

Accounting

Working as an accounting clerk can be an exciting and rewarding job. Whether you are responsible for managing appointments, data entry, or assisting other office staff, if you work for an accounting firm you should receive a Form W-2, Wage and Tax Statement, from your employer. This form will list your wages and withholdings that […]

Student? Get a Tax Education

Just because you are a fulltime student doesn’t mean you are automatically exempt from filing a tax return or reporting your income. If you didn’t have enough withheld during the year, you may owe a surprising amount of taxes. If you don’t have to file a return, you still should, as you may be entitled […]

Many people instinctively file their tax returns, which is great, because most people are required to file. However, some people aren’t required to file, though it may be beneficial to them to do so. If you are filing a tax return, you’ll want to pay attention to some new rules taking effect this year. Use […]

The federal government has set up education credits to help Americans who seek higher education. These credits consider “qualified higher education expenses” such as tuition and course fees. Boarding, meal, transportation, and other fees do not qualify as a credit expense. Additionally, money paid for a course which doesn’t apply credit to the degree sought […]

What is the Form 1098-T?

The IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]

Tax Credits for Parents

If you have children, you may be entitled to beneficial tax credits. There are a few credits that are specifically targeted towards parents, and can be extremely helpful when it comes to saving money or offsetting the costs of raising children. In most scenarios, you can claim your child as a dependent, including children just […]