The cost of going to college has been rising throughout the years and it is becoming less affordable for a lot of families. Most college students use some sort of financial aid to help pay for the costs of college such as student loans, grants, scholarships, IRA accounts, and other educational tax savings programs. Among all the financial resources, scholarships and grants … [Read more...] about 4 Main Scholarship Search Sites For Selected Minority Students
The American Opportunity Credit was created under the Economic Recovery Act that President Obama signed a couple of years ago. Initially, it is only good for tax years 2009 and 2010 but with the recent tax law changes, this educational credit has been extended to tax years 2011 and 2012. This means additional money for parents of college student Â or college students … [Read more...] about American Opportunity Credit: Why It’s Called The Expanded Hope Credit
Education is very important for families because it provides unlimited opportunities for individuals who have one. The government knows this so as much as possible they would like to help by providing numerous education tax credits and deductions to both the people who are pursuing it and for the people that are teaching or providing the education. There are 5 most commonly … [Read more...] about 5 Education Tax Credits and Deductions You Don’t Want To Miss in 2010
Taxes are really very confusing. There are some deductions that people think they can claim but in reality, they can't.Â I'm sure that you've been hearing different stories from your friends or co-workers regarding the deductibility of some deductions. It works the same way with reportable income: Determining which income is taxable or not can really be very confusing for a … [Read more...] about 7 Income People Think Are Taxable But Actually Are Not
The tuition and fees deduction can reduce your income subject to tax by up to $4,000. This is considered as an adjustment to your gross income. The qualified expenses must be paid for a higher education. Generally, the education tax credit provides a higher refund than the tuition and fees deduction. However, there are some instances that you may not qualify for the education … [Read more...] about Tuition And Fees Deduction: When To Use This Tax Relief?