Fall 2014 Newsletter: Beware emails from the “IRS.” Update_Fall2014.pdf

Summer 2014 Newsletter: Prepare for the Medicare surtax in your 2014 planning. Update-Summer2014.pdf

Winter 2013 CLIENT UPDATE Newsletter: Heath-care reform law gets underway for individuals. Update-Winter2013.pdf.

Fall 2013 CLIENT UPDATE Newsletter: Do you have obsolete inventory? Update-Fall2013.pdf.

Spring 2013 CLIENT UPDATE Newsletter: Tax legislation effects: Update-Spring2013.pdf.

Winter 2012 CLIENT UPDATE Newsletter: Year-end checklist for taxes: Update-Winter2012.pdf.

Fall 2012 CLIENT UPDATE Newsletter: Supreme Court upholds 2010 health care law: Update-Fall2012.pdf.

Summer 2012 CLIENT UPDATE Newsletter: Diversify investments by focusing on taxes: Update-Summer2012.pdf.

Spring 2012 CLIENT UPDATE Newsletter: 12 ways to improve your financial health in 2012: Update-Spring2012.pdf.

Winter 2011 CLIENT UPDATE Newsletter: Tax rules can provide relief when disaster strikes.  Update-Winter2011.pdf.

Fall 2011 CLIENT UPDATE Newsletter: New bonus depreciation rules.  UpdateFall2011.pdf.

Spring 2011 CLIENT UPDATE Newsletter: New tax rules offer opportunities. Are you saving enough?UpdateSpr2011.pdf.

Winter 2010 CLIENT UPDATE Newsletter: Small Business Jobs Act restores familiar tax breaks. UpdateWinter10.pdf.

Fall 2010 CLIENT UPDATE Newsletter: New 2010 tax credit available to small businesses.  ClientUpdateFall10.pdf.

Summer 2010 CLIENT UPDATE: Health care reform includes current and future tax changes.  ClientUpdate.pdf.

January 2016

I am paying college tuition for my child. What education credits are available?

With the dramatic increase in the costs of a college degree, many people are looking for ways to help offset those costs.  The American Opportunity or Lifetime Learning Tax Credits are two options available to taxpayers who pay qualifying expenses for an eligible student (the taxpayer, spouse and dependents). The American Opportunity Tax Credit provides a maximum $2,500 credit for each eligible student. Because of this credit’s higher limit, it is used predominantly for students in their first four years of college. The Lifetime Learning Credit provides a maximum credit of $2,000 per tax return and is used predominantly for a student’s post-baccalaureate years or non-degree programs. Though a taxpayer often qualifies for both of these credits, only one can be claimed for each student each year. The credits are subject to student eligibility requirements and income limits that could reduce the amount claimed on your tax return. 

In addition to tax credits, students may alternatively qualify for a tuition tax deduction of up to $4,000 on federal or state income taxes. There are many other tax planning strategies related to the funding of college education costs that could help you save taxes and achieve those college goals. Please give us a call to further discuss these issues.

Question/Answer Archives: 2015

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