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Most Confusing Parts Of The Income Tax Code, Part 4: Education Tax Incentives

March 17, 2017 Shamsey Oloko Leave a comment American Opportunity Tax Credit, Education Tax Credit, Expenses Deductions, Lifetime Learning Credit, Lifetime Learning Tax Credit, Student Loans

Many provisions of the Internal Revenue Code are complicated. Proper interpretation of the rules and regulations contained in these provisions requires the assistance of an experienced and knowledgeable tax professional. The fourth part of our series about the most confusing provisions of the Internal Revenue Code addresses education tax incentives.

Why Is It Confusing?

There are a large list of incentives from which to choose
New stricter requirements to establish eligibility for some incentives
Determining eligibility is a complicated, arduous, lengthy process
Difficulty in determining the correct and appropriate benefit

This is a preview of Most Confusing Parts Of The Income Tax Code, Part 4: Education Tax Incentives. Read the full post (499 words, 1 image, estimated 2:0 mins reading time)

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)