The IRS does an excellent job at comparing and contrasting the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). There are two education credits that can help taxpayers with higher education costs: the American opportunity tax credit and the lifetime learnin...

If you pay for college in 2018, you may receive tax credits for education on your federal tax return.  Even if you’re studying outside of the U.S. the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) may reduce the amount of tax you owe, but only the AOTC is...

Congress and the Senate does it to taxpayers and CPA's again, with the Bipartisan Budget Act after tax season is well under way, the 2017 tax forms released and finalized - three benefits were renewed on February 22, 2018! The Internal Revenue Service today said that it is ready to proces...

Schoolteachers’ deduction no longer tardy By John W. McKinley, CPA, CGMA, J.D., LL.M., and Do Yoon (Harold) Kim July 1, 2016 The above-the-line deduction for certain classroom expenses of elementary and secondary schoolteachers was added to the Code (Sec. 62(a)(2)(D)) as a temporary p...

If you pay for college in 2016, you may receive tax credits for education on your federal tax return, even if you’re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the amount of tax you owe, but only the AOTC is partiall...

Money you paid for higher education in 2015 can mean Tax Savings from Higher Education Cost. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher e...

WASHINGTON ― With another school year just around the corner, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or other education-related tax benefits when they file their 2015 feder...

If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about e tax credits: American Opportunity Tax Cr...

Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here are some important facts you should...

Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: American Opportunity Tax Cred...

Did you, your spouse or your dependent take higher education classes last year? If so, you may be able to claim the American Opportunity Credit or the Lifetime Learning Credit to help cover the costs. Here are some facts from the IRS about these important credits. The American Opportunit...

Issue Number:    IRS Tax Tip 2012-37 Inside This Issue Education Tax Credits Help Pay Higher Education Costs Two federal tax credits may help you offset the costs of higher education for yourself or your dependents.  These are the American Opportunity Credit and the Lifetime Lear...