Simply not seeing a way you can make your tax payments on time? Sometimes there’s just no way to pay the government in full and on time every year. Luckily, the IRS thought of this ahead of time. They allow you to set up an IRS payment plan. However, while the government doesn’t pay you [...]
Taxes and Education
Every year taxpayers are forced not only to deal with their taxes but also something more insidious. That very obnoxious and dangerous threat is the presence of scammers. Some people will go to any lengths to get money that isn’t theirs. And tax time, when large sums of money are changing hands, has proven to [...]
If you’re one of the many thousands of individuals who joined the ranks of the unemployed over the past year or so, who are considering a new career path or who are looking for additional funds to offset the cost of a dependent’s schooling, you’ll be happy to know that Uncle Sam is offering several [...]
The education tax credits were specifically targeted to individuals in middle to lower income levels as a means to help them achieve a better standard of living by pursuing advanced training and education. With unemployment as high as 15% in some areas of the country, people who previously had income levels that exceeded the limits [...]
One of the hallmarks of a great employer is that they are willing to invest in the future of their employees. A number of fortune 500 companies (like Fed Ex which provides up the $3,000 per calendar year in tuition reimbursement) and some small and mid-size companies offer tuition reimbursement as a means to promote [...]
Remember when your kids were born and your relatives proudly presented you with savings bonds that you filed away and probably forgot about? Well, if college is on the horizon, it’s a good time to dig them out and consider the potential tax and education benefits that might be a big financial help. The U.S. [...]
With all the publicity over the rising costs of higher education and the tools available to actually project the costs of an education at a particular public or private school for a specific term, smart parents are thinking ahead to the day when their little ones will be heading off to college. Although there are [...]
The “Tuition and Fees Deduction” is an education tax benefit that allows taxpayers a tax deduction if they paid the qualified education expenses for an eligible student (themselves, their spouse, or a dependent). It is an above-the-line deduction that may reduce your taxable income by up to $4,000. Credits lower your taxes. Tax credits provide [...]
The Student Loan Interest Deduction is an education tax benefit that allows taxpayers to deduct up to $2,500 of the interest paid on student loans. This education tax deduction can be claimed on your federal income tax return to reduce your taxable income. Deductions lower your taxable income and they are worth the percentage equal [...]
The Hope Scholarship Tax Credit is an education tax benefit that allows taxpayers a credit of up to $2,500 (per student, per year) if they paid qualified tuition and related expenses for the first four years of postsecondary education. For tax years 2009 and 2010, the Hope Credit has been expanded and modified by the [...]
