IRS Update 2/8: Good News for your Valentine’s day and your tax refund! The IRS announced today that they are now able to process tax returns that contain form 8863 with Education Credits beginning February 14th. Form 8863 is used...
For many parents, it seems as if we go from changing diapers to packing the kids up to go off to college. With an in-state public college averaging over $33K for the 4 years, and private college over $120K, it’s time to look at how you can get Uncle Sam to ease the burden just a bit.
With the college application process winding down for the 2011 fall semester, this is a good time to review some of the tax breaks your children’s higher education might offer you for your 2010 return.
The American Opportunity Tax Credit changed the taxpayer-funded benefits given to students. The Hope Credit was formerly the popular method taxpayers claimed benefits for educational expenses, but the new stimulus law in 2009 greatly expanded the reach and depth of the existing credits.
Valentine’s Day also happens to fall during tax season–and it’s important to know that most of life’s big milestones, such as having a baby or buying a home, come with lovely (forgive the pun!) implications. Here are some timely tax tips to plan for these life-altering events which may have occurred in 2009.