Topic: tax breaks

Back-to-School Tax Breaks; New $2,500 College Credit Available

September 10, 2009 |

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Washington — In support of the Administration’s efforts to promote access and affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college.

The new Tax Breaks for Education section on IRS.gov includes tips for taking advantage of long-standing education deductions and credits. The “one-stop” location for higher education information includes a special section highlighting 529 plans and frequently asked questions. The web section also features two key changes that will be in effect during 2009 and 2010 that were included in the American Recovery and Reinvestment Act (ARRA), enacted earlier this year.

One change allows families saving for college to use popular 529 plans to pay for a student’s computer-related technology needs. Under the other change, more parents and students will be able to use a federal education credit to pay part of the cost of college using the new American opportunity credit.

“With many families struggling to afford college, we want every eligible taxpayer to know about their options and take advantage of all the tax breaks they can,” IRS Commissioner Doug Shulman said. “529 plans have become a very attractive way to save for college, and our web section is designed to help people get information about these plans. In addition, the new American opportunity credit can help many parents and students pay part of the cost of the first four years of college.”

Here are further details on the expanded 529 plans and the new American opportunity credit. «Read the rest of this article»

Sections: Education | No Comments

The Final Presidential Debate: The thumpin’ that wasn’t

October 16, 2008 |

As early voting opened in Tennessee to heavy turnouts, Senator McCain’s promised thumping of Senator Obama didn’t materialize. Groups gathered at both local Republican and Democratic party headquarters to watch the debate, discuss their preferences and hear the candidates present their proposals.

The final candidates debate of the 2008 presidential election season was a much anticipated showcase of America’s choices for leadership for the next four years. The debate’s focus was to be on domestic policy, with the recent upheaval in the financial markets to be a focal point. The level of negative ads has increased to  near crescendo as McCain’s campaign unleashed new charges and the Obama campaign refuted falsehoods and returned the fire to McCain. The debate was supposed to offer a clear demonstration of McCain’s superiority to Obama. Sadly, for McCain, the smear adhesive didn’t stick.

Viewers were treated to a consistent presentation of proposals and ideas from Obama as he responded to  McCain’s attempts to hang negatives.

Obama noted that McCain’s own campaign said publicly last week that, “if we keep on talking about the economic crisis, we lose, so we need to change the subject.” Such was the tone for the course of the evening. «Read the rest of this article»

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