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
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 […]
You can only take the tuition and fee deduction on your Iowa return if you took it on your federal return.
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 […]
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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 […]
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 […]