Taxpayers can Compare Eligibility and Benefits of Two Education Credits

The following article was published by the IRS. There are two education credits that can help taxpayers with higher education costs: the American opportunity tax credit and the lifetime learning credit. There are several differences and some similarities between them. Taxpayers can claim both benefits on the same return, but not for the same student or [...]

Two Education Credits Help Taxpayers with College Costs

The following article was published by the IRS. With school in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may [...]

Educators can Claim Deduction to Get Money Back for Classroom Expenses

The following article was published by the IRS. Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators. Here are some things to know about this deduction: Educators can deduct up to $250 of trade or business expenses that were [...]

It’s Summertime… and These Tips can Help Make Livin’ Easy for Teens with Jobs

The following article was published by the IRS. With summer almost here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes. Not all the money they earn will make it [...]

Revisit Your Qualified Tuition Plans

Although the details of Qualified Tuition Plans (QTPs) can vary widely, they generally allow parents and grandparents to set up college accounts for children and grandchildren before they reach college age. Once established, QTPs qualify for favorable federal (and often state) tax benefits, which can ease the financial burden of paying for college. QTPs may be [...]