Tag Archives: education expenses

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 […]

Lifetime Learning Credit

If you or your dependent is enrolled in undergraduate and graduate school, you may benefit from the Lifetime Learning Credit, which covers up to $2,000 in education expenses. In 2016 the rules for the Lifetime Learning Credit haven’t been altered from other years. Not considering any phase-outs, the credit is still worth 20% of qualifying […]

Tax Exemptions Add More to Your Wallet

Understanding the tax laws isn’t always an easy task. However, there are certain parts of the tax code that are relatively straightforward and simple to comprehend – for tax code that is. Exemptions are one of the few great parts of filing your taxes, because they help taxpayers get back more of their hard earned […]

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 […]

Working as an administrative assistant means you have be organized. The same is true at tax time. Administrative assistants can expect to receive a Form W-2, Wage and Tax Statement, from their employer which documents wages earned and taxes withheld. When filing your tax return, you may be able to lower the amount you owe […]

If you pay education expenses and qualified tuition for either yourself, a spouse, or another dependent, you may qualify for a deduction of your costs. You may be able to claim different deductions by using your tuition and fees instead of taking them as a direct deduction. Consider the following: The American Opportunity Tax Credit […]

An Education in Deductions

If you required additional training, or attended seminars for your work, you may be able to deduct any expenses you paid throughout the tax year when you file your return. These expenses have to have been incurred in order to maintain or improve your skills and performance at your job, or is required by law […]

Are you a student? Paying for your education can be taxing, especially if you’ve resorted to student loans. However, you may be eligible to deduct interest you paid on certain student loans. Typically, you are able to deduct either $2,500 or the actual amount of interest you paid, depending on which is less. The deduction […]

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 […]