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Form 1040 Tax Credits

January 11, 2023

The Form 1040 is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS), and it is important to be aware of the various tax credits that may be available to claim on it. Tax credits are deductions from the amount of taxes owed to […]

Tax Credits

February 15, 2019

There’s not much that can make you happy about paying taxes. But tax credits can help reduce your tax liability, it is a good idea to be informed about which credits you are eligible for and how you can claim them. You reduce the amount of taxes you owe for the tax year by using […]

Categories: Credits Tags: American Opportunity Credit, earned income credit, refundable credit

Five Tax Credits

December 23, 2018

There are not many things that make you happy about taxes. But tax credits can help to reduce your tax liability, it is a good idea to know what credits you are eligible for and how you can claim them. By using tax credits, you reduce the amount of taxes that you owe for the […]

Categories: Credits Tags: American Opportunity Credit, child tax credit, earned income credit, education credits, IRA, Retirement

Education Credits

December 9, 2018

Education is not cheap and it is difficult for far too many people to pay for their education. The federal government has fortunately developed two different tax credits that can help reduce the amount owed at the time of taxation. These credits, the American Opportunity Credit and the Lifetime Learning Credit help taxpayers who have […]

Categories: Credits Tags: American Opportunity Credit, education credits, Lifetime Learning Credit

Education Credits for Students and Graduates

March 23, 2018

At tax time, students and those who have graduated may be eligible for special education tax credits that can significantly save them money. American Opportunity Credit Students who are enrolled in their first four years of college may claim this credit worth up to $2,500 in tuition, activity fees, books, equipment and supplies. The student […]

Categories: Credits Tags: American Opportunity Credit, education credits, Lifetime Learning Credit, Tuition

The AOC vs. The LLC: Education Credits

April 8, 2016

There are certain education credits which exist to help Americans afford higher education. These credits help with qualified higher education expenses, like tuition and course fees. Some higher education expenses such as boarding, meals, and transportation do not qualify for these credits. Furthermore, tuition paid for classes which don’t apply credit hours to the degree […]

Categories: Credits Tags: American Opportunity Credit, AOC, education credits, Education expenses

How to Tell If You Should File a Tax Return

January 28, 2016

Not everyone is required to file a tax return. Most people are, but for those who aren’t, it may still prove beneficial to do so anyway. If you’re not sure if you have to file a tax return, you should familiarize yourself with the rules before tax season approaches. Income, age, and filing status all […]

Categories: General Tags: American Opportunity Credit, child tax credit, Earned Income Tax Credit, Estimated Tax Payments, Health Insurance Marketplace, Health Insurance Marketplace Statement, premium tax credit, tax return

Get Educated About these Tax Breaks

January 5, 2016

The IRS offers some tax breaks that can help you recover some of the money you spent on higher education, such as tuition costs or interest you’ve paid on student loans. This can help make your college education a bit more affordable in the long run. Tax Credits There are two different tax credits that […]

Categories: Credits, Deductions Tags: American Opportunity Credit, education, Lifetime Learning Credit, student loan interest, Student loan interest deduction, students, Tuition

Parental Tax Credits

March 5, 2015

As a parent you may be eligible for additional tax credits. The IRS provides credits that are geared towards parents, these credit can help offset the cost or raising children and can help you save money at tax time. The credits below can be claimed on children who are considered dependents including children born in […]

Categories: Credits, Deductions Tags: Adoption Credit, American Opportunity Credit, child care credit, child tax credit, earned income credit, EIC, EITC, Higher Learning Credits, Lifetime Learning Credit, Self-Employed Health Insurance, student loan interest

Five Helpful Tax Credits

February 28, 2015

There aren’t many things that can make you happy when it comes to paying taxes. But tax credits can help brighten your day lower your tax liability, it is a good idea to be informed which credits you qualify for and how you can go about claiming them. By using tax credits you lower the […]

Categories: Credits Tags: American Opportunity Credit, child care credit, child tax credit, earned income credit, EIC, EITC, Saver's Credit

Tag Archives: American Opportunity Credit