Lifetime Learning Credit

Deducting Graduate School Expenses When You’re A Student

For full-time students attending graduate school, tuition and costs are exorbitantly high. It’s often difficult to maintain studies and still work to help defer some of the costs. For those who have not yet entered the professional workplace, is it possible to obtain any tax benefits for graduate school expenses? Is tuition for law or graduate school a deductible educational expense?

Most Confusing Parts Of The Income Tax Code, Part 4: Education Tax Incentives

Many provisions of the Internal Revenue Code are complicated. Proper interpretation of the rules and regulations contained in these provisions requires the assistance of an experienced and knowledgeable tax professional. The fourth part of our series about the most confusing provisions of the Internal Revenue Code addresses education tax incentives.

Why Is It Confusing?

  • There are a large list of incentives from which to choose
  • New stricter requirements to establish eligibility for some incentives
  • Determining eligibility is a complicated, arduous, lengthy process
  • Difficulty in determining the correct and appropriate benefit

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:


The American Opportunity Credit


If you or a loved one like a spouse or child is enrolling in college in the near future, remember that there are tax credits which may reduce your tax bill. Before reviewing these credits, it is important to note that you can claim only one type of education credit per student on your tax return each year. If more than one student qualifies for a credit in the same year, you can claim a different credit for each student.