Tag Archives: *Education

529 Contributions

Today TaxMama hears from Rick in New Jersey with this stroke of genius. “I am a salaried employee for ABC company and will be doing a separate consulting engagement for another company in my spare time. I’d like to take the entire $55,000 I will earn and put it directly into a 529 college plan […]

Six Facts About the American Opportunity Tax Credit

Courtesy of the IRS Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS wants you to know […]

Back-to-School Tax Breaks

WASHINGTON — In support of the Administration’s efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college. The new Tax Benefits for Education section on IRS.gov includes […]

How Socialism Works

An economics professor at a local college made a statement that he had never failed a single student before, but had once failed an entire class. That class had insisted that socialism worked, and that no one would be poor and no one would be rich, that it was the great equalizer. The professor then […]

Offset Education Costs

IRS TAX TIP 2009-30 Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for […]

Mothers and Moms

This is for the mothers who have sat up all night with sick toddlers in their arms, wiping up barf laced with Oscar Mayer wieners and cherry Kool-Aid saying, ‘Its okay honey, Mommy’s here.’ Mothers who sat in rocking chairs for hours on end soothing crying babies who could not be comforted. This is for […]

O Teacher! My Teacher…

by Gunjan Saraf – http://www.workinghumor.com (With apologies to Walt Whitman) O Teacher! My teacher! The awful exam draws near; And with every passing day, I feel my rising fear; My text books all feel heavier, My notes make less and less sense. But O heart! heart! heart! O wavering nervous system reset, When in the […]

Education Commuting

Today TaxMama hears from Shawn in Indiana who tells us, “My wife is a full time college student. She commutes to school. It is about 80 miles round trip. Can we deduct the mileage on her car as an education expense?”

Don’t List Everything

Quote: “Don’t hurry, don’t worry. You’re only here for a short visit. So be sure to stop and smell the flowers.” – Walter C. Hagen Tip: “You don’t need to list everything! The date of a degree or work history that is older than 15 years can date you and put you in danger of […]

Charity Buys Raffle Ticket

Today TaxMama hears from Jim in Missouri who’s come up with a winner. “I am on the board of directors for a Lutheran school. We wish to enter a raffle for a prize (car, jewelry, etc.), then offer whatever what is won at our annual dinner/silent auction night. If we win one of the items […]