Tag: higher education

Maximizing higher education tax credits

There are two education credits available to college students (or parents of students) on their personal income tax returns. American Opportunities Credit (AOTC) Credit can be as much as $2,500 (dollar for dollar reduction of tax liability). If you have...

1098-T needed for education credit or tuition deduction

  • February 25, 2016
  • Mark Hughes CPA CFE

In order to claim an education credit or tuition deduction, a taxpayer must receive a 1098-T. Generally, students receive a Form 1098-T tuition statement, from their school by January 31. For tax years beginning after Dec. 31, 2015, and expenses paid after...

Tax relief for education expenses

  • November 3, 2015
  • Mark Hughes CPA CFE

This article appeared in Accounting Today. Below is a brief, general overview of some tax relief available for dealing with education expenses. For more information, refer to IRS Publication 970. This publication is generally updated annually at the beginning of the...

Parents and Students: Don’t forget College Tax Benefits for 2012 and Years Ahead

Reminder to parents and students that now is a good time to see if you qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime...