The world of taxes can be confusing and intimidating for students just entering the real world, but the savvy students can benefit greatly from learning some of the tax basics in regard to education deductions and credits. For instance, benefits like the American Opportunity Tax Credit and the Lifetime Learning Credit can help offset some of those devastating tuition costs, and if you make student loan payments, you can benefit from loan interest deductions. Read on to learn how you can use your student status to take advantage of great tax benefits.
Top Takeaways 1: Scholarships and Grants are generally not included as income In general, scholarships and other educational awards do not need to be included in your gross income if you are a candidateRead More »
Top Takeaways 1: Lifetime Learning Credit is available for up to $2000 The Lifetime Learning Credit is a nonrefundable credit of up to $2,000 for qualified education expenses paid for eligible students. Expenses thatRead More »
Top Takeaways 1: Tuition fees must have been paid for yourself, your spouse, or your dependent To deduct tuition and fees the expenses must have been paid during the year for yourself, your spouse,Read More »
State of Union: Obama Asks for Tax Reform Today and Looks to Our Tax Code to Keep American Dream Alive
Tonight President Barack Obama offered to sign Tax Reform immediately in his fourth State of the Union Address, declaring that 2012 objectives for the U.S. should focus on restoring the American dream by givingRead More »
Top Takeaways 1: Check to see if you are a dependent claimed by your parents Speak with your parents to see if they will be claiming you as a dependent for the 2011 taxRead More »
Top 3 Takeaways 1: American Opportunity Credit Extends the Hope Scholarship Credit The American Opportunity Credit isn’t truly a third educational credit; instead it simply modifies the Hope Scholarship Credits available. The credit makesRead More »