IRS.com is a privately owned website that is not affiliated with any government agencies.

Education

How to Determine Your Filing Status

When you fill out your income tax return, you must indicate on the form what your filing status is. There are 5 filing status options,…


Claiming Personal and Dependent Exemptions

When preparing your Federal income tax return, there are two different types of exemptions that you may be allowed to claim:Personal exemptions for yourself (and…


Tax incentives to send your college graduate to grad school

These days it is more likely than not that your college graduate will be either unemployed or at least underemployed for at least a couple…


How to save on taxes when your college grad moves back home

Qualify for the dependent exemption and deduct $3,800 from your earningsThe economy is better than it was, but not ideal, and the job market for…


Age features on 529 plans – Risk and Return

Recently, I wrote about a few of the primary features of 529 plans, and I focused on qualities proven to provide higher returns. Suffice it…


Understanding the Coverdell education savings plan

In the race for class president, these days Coverdell ESAs are the runner-up next to the increasingly popular 529 plan. But the race for class…


Tax advantages of a 529 college-savings plan

Make the right investment decision to finance your children's higher education.Considering the rising cost of education, the earlier you start your college savings plan, the…


Should I use the Lifetime Learning Credit or an education deduction?

If you already have a college degree and want to continue your education, then you have a choice when it comes to the form of…