Education Tax Credit

Tax Benefits For Education Part 6

This is the sixth part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage of all the credits and deductions that the law allows for students of higher education.

Scholarships and Fellowships

The Most Overlooked Tax Deductions, Part 6

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the sixth part of our multi-part series of blogs on the most overlooked tax deductions:

COLLEGE TUITION & LOAN DEDUCTIONS

The American Opportunity Credit

Tax Benefits For Education Part 4

This is the fourth part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Tax Benefits For Education Part 3

This is the third part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage of all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Tax Benefits For Education Part 2

This is the second part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Tax Benefits For Education Part 1

This is the first part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take full advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.

Can I Deduct My Law School Tuition?

Many professionals, whether lawyers, accountants or physicians, experience and endure difficult economic times before finally earning their graduate degree. On one hand, the high cost of tuition must be paid, which requires either a significant student loan or form of employment. Yet, graduate school leaves little or no time for anything other than study. After such an economically, physically, and mentally draining ordeal, is there a way to recoup some of the blood, sweat and cash exchanged for a graduate degree? Is tuition for law or graduate school a deductible educational expense?

Who Claims The Kids On Their Taxes, And Other Ways Divorce May Affect Your Taxes

Divorcing couples often wonder who claims the children on their taxes, and in what other ways divorce will affect their taxes. Questions may include which filing status to use after the divorce, and how payments for spousal maintenance and child support to an ex-spouse are treated for tax purposes. Also, inquiries about what happens to assets like the family residence are obviously frequently common.

Filing Status

To Be or Not To Be? Married Filing Jointly or Married Filing Separately?

Married couples have the option to file jointly or separately on their federal income tax returns. Undoubtedly, married couples during tax season have asked each other if they are filing advantageously, whether currently filing jointly or separately. The IRS strongly encourages most couples to file joint tax returns by extending several tax breaks to those who file together. In the vast majority of cases, it’s best for married couples to file jointly, but there may be a few instances when it’s better to submit separate returns.

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