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Topic: American Opportunity Credit

IRS gives Back-to-School Tips for Students and Parents Paying College Expenses

 

Internal Revenue Service - IRSWashington, D.C. – Whether you’re a recent high school graduate going to college for the first time or a returning student, it will soon be time to head to campus, and payment deadlines for tuition and other fees are not far behind.

The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. «Read the rest of this article»

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Do I Need to File a Tax Return This Year?

 

Internal Revenue Service - IRSWashington, D.C. – You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive.

However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits.

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IRS Reminds 169,000 Tennesseans of October 17th Tax Deadline

 

Internal Revenue Service - IRSNashville, TN – The Internal Revenue Service today reminded the estimated 169,000 Tennesseans who requested a six-month filing extension in April that the deadline to file their 2010 federal tax returns is Monday, October 17th.
 
“We hope individuals and small businesses will double check their returns for recently expanded tax benefits, like the new Small Business Health Care Tax Credit,” said IRS spokesman Dan Boone. «Read the rest of this article»

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Two Tax Credits to Help Pay Higher Education Costs

 

Internal Revenue Service - IRSWashington, D.C. – There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Credit and the Lifetime Learning Credit.

To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be claimed by the parent or the student, but not by both. If the student was claimed as a dependent, the student cannot file for the credit. «Read the rest of this article»

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Do I have to File a Tax Return?

 

Internal Revenue Service - IRSWashington, D.C. – You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive.

Check the Individuals section of the IRS website at www.irs.gov or consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that may help you determine if you need to file a tax return with the IRS this year.

http://www.youtube.com/watch?v=l2Nd68wIBKE

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

 

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irs_logoWashington — 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.

computerOne 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»

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