Education Credit

IRS Reminds Parents of Ten Tax Benefits

January 27, 2012

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. Share this:

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IRS is Wrong

October 18, 2011

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Today TaxMama hears from Bret in the Tax Quips Forum, with an IRS rejection letter. To make a long story short – “IRS rejected his Lifetime Learning Credit  for 2009 because the Form 1098-T showed –0- in box 1. And because his employer paid the expense – even though he paid taxes on the education [...]

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Advanced Placement (AP) Courses

September 7, 2011

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Today TaxMama hears from Kevin in the TaxQuips Forum, with an interesting problem. “Many high school students are taking Advance Placement (AP) courses through an eligible educational institution as a means to earn college credits at an economical price. I was trying to find out if the costs of these courses are deductible as Tuition and [...]

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Lifetime of Education

May 26, 2011

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Today TaxMama hears from Susan in the TaxQuips Forum with a quick question. “I am taking Career Step online transcription training. Can I receive the Lifetime Learning Credit? Share this:

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23 Year Old student

March 24, 2011

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Today TaxMama hears from Kristen in the TaxQuips Forum, who is a bit confused. “I am a 23 year old full time student. My income from 2010 is $12,247 and I live with my parents. My parent’s accountant told them last year that they would not be able to claim me once I turned 23, [...]

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Eligible Education

March 16, 2011

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Today TaxMama hears from Dil in the TaxQuips Forum, who needs clarification. “The issue is related to the definition of  ‘qualified educational institution.’  The institution is a regionally accredited one, but the full definition of ‘qualified educational institution’ requires that it be a Title IV institution - one whose students may receive federal financial aid. The [...]

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CCH Identifies 10 Deductions That Make It Easy to Reduce Your Taxes

February 17, 2011

Courtesy of CCH – they write some of THE best material! (RIVERWOODS, ILL., February 17, 2011) – Whether you itemize or take the standard deduction, there are plenty of above-the-line deductions that can mean even greater tax savings, according to CCH, a Wolters Kluwer business and the leading global provider of tax, accounting and audit [...]

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Getting Married Now or Later

November 29, 2010

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Today TaxMama hears from Robyn in the TaxQuips Forum, who needs to make a decision. Essentially, it boils down to should my boyfriend and I get married this year or not, in order to get the best tax advantage. They have a child together – and one that is just hers. Read the details here. [...]

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Qualifying Daughter

September 7, 2010

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Today TaxMama hears from Laura in the TaxQuips Forum, with these two common issues.  “(1) My daughter turned 24 in December of 2009.  During the entire 12 months of 2009 she attended school full-time; did not work; earned 0 income; and will not be filing a tax return. She lived at home and we provided [...]

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