Education tax credits and deductions can provide significant tax savings for individuals paying for higher education expenses. For the 2022 tax year, there are two main education tax...
Posted by KLSM CPA Firm PLLC on 02/28/2023
Private tuition is not tax deductible. Parents with children in private schools are not offered direct tuition tax deductions. However, in 2018, there was a rumor of a change in tax...
Posted by Tiffany Gaskin on 09/02/2022
Before thinking of applying for a loan, you need to be aware that you would require some credit history. Some people may have a bad credit history, while some may not have a credit...
Posted by KLSM CPA Firm PLLC on 11/04/2021
There are many situations in which family loans can be made. Family loans can be taken out when the ex-wife or ex-husband needs money to buy a house or something similar. Or, intra-family...
Posted by Dennis Jao on 09/30/2021
Unfortunately for guardians, moms and dads, you cannot deduct the fees for the ACT, SAT and several other entrance examinations for colleges. However, you get some educational tax...
Posted by Tiffany Gaskin on 08/30/2021
Why is it important to know the taxpayer's source of income? This is important because the Foreign Tax Credit (FTC) can only offset U.S. taxes on foreign income. An American is...
Posted by Tiffany Gaskin on 08/15/2021
During the last ten years, the cost of college has risen by more than 25%. As tuition and fees increase, you may be looking for ways to reduce the cost of education.Lifetime Learning...
Posted by Accurate Books And Tax on 12/24/2020
Amid all the cautionary advice to prevent students from borrowing too much money to pay for their university education, one bit of good news may go unnoticed: interest paid on student...
Posted by Flynn Financial Group Inc on 08/07/2020
The Lifetime Learning tax credit amounts to 20% of the first $10,000 tuition fee paid every year till it reaches $2,000. To claim the entire $2,000 credit, you must have at least $10,000...
Posted by Premier Accounting & Tax on 04/02/2020
