Education

The Latest

March 25, 2015

Are you wondering if you need to file a tax return? While most people who earn an income must file a Federal income tax return, that is not true for everyone.

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February 20, 2015

Tax credits, available through the IRS, can bring you a substantial savings on your Federal income tax bill.

A tax credit reduces your tax liability dollar-for-dollar. This means that a $500 tax...

December 10, 2014

The American Opportunity Tax Credit (AOTC) was originally introduced for tax years 2009 and 2010 under the American Recovery and Reinvestment Act (ARRA).

The AOTC was designed as a stimulus to assist individual taxpayers into a new career...

October 7, 2014

Have you given or received a large gift? Do you know what the tax consequences are? You may be subject to the 40% Federal Gift Tax.

According to the IRS, a gift is "Any transfer to an individual, either directly or indirectly, where full...

August 25, 2014

If you pay for the cost of higher education for yourself, your spouse, or your dependent child, you may be eligible for a Federal tax credit that can save you money at tax time. This article covers some...

May 30, 2014

There are many different IRS tax forms that you may come across throughout your life. However, as an individual taxpayer, you probably only need to be concerned with the basics, such as Form W-2, Form W-4, and Form 1040.

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February 24, 2014

This article is second in a series titled “Tax Benefits for Education.” Read the first article HERE: Tax Breaks for Tuition and Fees

The IRS offers a variety of education tax...

February 20, 2014

When you fill out your income tax return, you must indicate on the form what your filing status is. There are five filing status options, based on marital status and other requirements.

The following filing statuses are recognized by the...