Glossary: Lifetime Learning Credit
The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity Credit, but there are some key difference
From the Archives: Iowa Tuition & Fees Deduction — A Reminder from IDR
It’s a holiday week, which means I’m digging into the archives to pull out popular stories from the past. This story from April 2012 reminds Iowans that the deduction on an Iowa tax return for college tuition expenses can only be taken if the same deduction was taken on the federal tax return. —– (Originally […]
Iowa Tuition & Fees Deduction – A Reminder from IDR
You can only take the tuition and fee deduction on your Iowa return if you took it on your federal return.
Real Estate Broker’s Deduction for Flight Lessons Fails to Take Flight in Tax Court
A real estate broker’s attempt at deducting the cost of flight lessons as a business expense crashed and burned in Tax Court on Tuesday. The broker, from Louisiana, evaluates properties and creates sales materials to present to potential buyers. Part of his evaluation process involves taking aerial pictures of the property. Up through 2007, he […]
Q & A Fridays — Car Expenses, Educator Expenses and 529 Plans
Have a tax question burning in your mind? E-mail me at dinesentax@gmail.com.WARNING: I cannot provide specific tax advice to you by e-mail. If you e-mail a question, it will be published in a future Ask Jason segment with an answer that is general to your situation. I cannot personally reply with a specific answer. If […]
Sugary Treats for Students Are Not Tax Deductible
Teachers who pay for classroom supplies out of their own pocket can take a deduction on their tax return. The first $250 of expenses are deductible on the front side of Form 1040. Expenses beyond $250 can be claimed as itemized deductions if the total of the expenses exceeds 2% of the taxpayer’s income. But […]
IRS Has Back-to-School Tax Tips for Students and Parents
Hard to believe, but it’s already back-to-school time. The IRS has information about the education credits and deductions that are available (from IRS Summertime Tax Tip 2011-18): Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. 1. American Opportunity Credit This credit, originally […]
