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Back-to-School Tax Tips for Students and Parents

 

Going to college can be a stressful time for students and parents. Consider these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.

• American Opportunity Tax Credit (AOTC).  This credit can be up to $2,500 per eligible student. The AOTC is available for the first four years of post secondary education. Forty percent of the credit is refundable. That means that you may be able to receive up to $1,000 of the credit as a refund, even if you don’t owe any taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. A recent law extended the AOTC through the end of Dec. 2017.
• Lifetime Learning Credit.  With the LLC, you may be able to claim up to $2,000 for qualified education expenses on your federal tax return. There is no limit on the number of years you can claim this credit for an eligible student.

You can claim only one type of education credit per student on your federal tax return each year. If you pay college expenses for more than one student in the same year, you can claim credits on a per-student, per-year basis. For example, you can claim the AOTC for one student and the LLC for the other student.

You can use the IRS’s Interactive Tax Assistant tool to help determine if you’re eligible for these credits. The tool is available at http://www.irs.gov/uac/Am-I-Eligible-to-Claim-an-Education-Credit%3F

• Student loan interest deduction.  Other than home mortgage interest, you generally can’t deduct the interest you pay. However, you may be able to deduct interest you pay on a qualified student loan. The deduction can reduce your taxable income by up to $2,500. You don’t need to itemize deductions to claim it.

For more information take a look at the following video!

These education benefits are subject to income limitations and may be reduced or eliminated depending on your income.

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Now is the time to start thinking about your taxes and your deductions. Do not hesitate to call us for your professional tax services.

 

 www.johnbushcpa.com

 

(954) 474-4100

 

 

 

 

 

 

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Last day to file your income tax has been moved to April 17th DUE TO the normal filing day, April 15th, landing on a Sunday.  Normally the IRS would move the filing deadline to Monday the 16th, but that day is a holiday in the District of Columbia.  Emancipation Day, which in Washington D.C has the same grounds as a Federal Holiday has changed the deadline for filing of income tax to be moved to the 17th of April. 

Don't wait until the last minute!!

File your taxes as soon as possible with JOHN S. BUSH CPA.  Find us at http://www.johnsbushcpa.com/

JOHN S. BUSH CPA wishes you a very Happy New Year!



Just a friendly reminder to have your tax preparation complete as early as possible.

http://www.johnsbushcpa.com/

IRS GIVES TIPS FOR YEAR-END GIVING 

-Rules for clothing and household items

-Guidelines for monetary donations

Find detailed info @

http://www.irs.gov/newsroom/article/0,,id=251223,00.html?portlet=108



John S. Bush, CPA is a full service certified public accounting firm serving throughout South Florida. The firm was established by Mr. Bush in 1984 and has been licensed and regulated by the State of Florida since 1980. As a Forensic Accountant, John Bush utilizes accounting, auditing and investigative skills when conducting an investigation.  Equally critical is his ability to respond immediately and to communicate financial information clearly and concisely in a courtroom setting.  He is trained to look beyond the numbers and deal with the business reality of the situation.  Investigating and analyzing financial evidence Developing computerized applications to assist in the  analysis and presentation of financial evidence; Communicating findings in the form of reports, exhibits and  collections of documents Assisting in legal proceedings, including testifying in court  as an expert witness and preparing visual aids to support trial  evidence.

http://www.johnbushcpa.com/