Taxes and 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...

  • 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...

  • September 30, 2013

    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 of years after graduation. And as a parent, you need to be prepared for the worst-case scenario.

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  • September 27, 2013

    The economy is better than it was, but not ideal, and the job market for recent college graduates is abominable. In April of this year, a devastating report by the AP concluded that 53.6% of young people (under 25 years old) with a bachelors...

  • September 12, 2013

    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 president is pretty much a popularity contest. And Coverdells offer some substantial advantages over...