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The Most Overlooked Tax Deductions, Part 6

August 18, 2016 Shamsey Oloko Leave a comment Education Tax Credit, Expenses Deductions, Hope Credit, Lifetime Learning Credit, Qualified Education Expenses, Qualified Expenses, Standard Deductions, Tax Credit

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the sixth part of our multi-part series of blogs on the most overlooked tax deductions:

COLLEGE TUITION & LOAN DEDUCTIONS

The American Opportunity Credit

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Proving Education Tax Break Eligibility In 2016

March 4, 2016 Shamsey Oloko Leave a comment Education Tax Credit, Form 1098-T, Hope Credit, Lifetime Learning Tax Credit, Qualified Education Expenses, Tax Credit, The American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 extended the American Opportunity Tax Credit (AOTC) through December 31, 2017. This tax credit assists with the cost of higher education expenses such as tuition, course materials and other certain eligible fees for four years, which differs from the Hope scholarship credit because the credit may be claimed for four years instead of the two allowed under the Hope credit.

This is a preview of Proving Education Tax Break Eligibility In 2016. Read the full post (534 words, 1 image, estimated 2:08 mins reading time)