2021 – 07/26 Colleges, universities and trade schools will soon reopen. Whatever form a school takes, higher education is expensive. But the good news is, taxpayers, their spouses or dependents who take post-high school coursework in 2021 may qualify for one of two tax credits that can reduce their tax bills. The American Opportunity Tax Credit is worth up to $2,500 per eligible student, for the first four years at an eligible school, if certain conditions are met. The Lifetime Learning Credit tops out at $2,000 per tax return, for any number of students and any number of years. Do you qualify for either credit? Use this tool to find out: or learn more here: –
Similar Posts
Key Rule: Matching Principle
2022 – 04/13 U.S. businesses must generally follow strict rules in how they report income and expenses. One key rule is the matching principle, which requires that income and related expenses be reported in the same period. Even when a business strictly adheres to “generally accepted accounting principles” (GAAP), the IRS might challenge it. In…
Quarterly Estimated Tax Payments Due January 18th
2022 – 01/06 The IRS has issued a reminder about checking your 2021 tax liability to avoid being subject to estimated tax penalties, which apply if you underpay your taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment…
Health Plan Q&A
2021 – 10/05 Three federal agencies, including the IRS, have issued a series of Q&As that address aspects of COVID-19 under the CARES Act, HIPAA and the Affordable Care Act. The Q&As cover preventive services, HIPAA nondiscrimination and wellness programs. For example, can a group health plan offer participants a premium discount for receiving a…
Get your piece of the depreciation pie now with a cost segregation study
2021 – 10/18 If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits…
IRS Receives $80 Billion for Improvements
2022 – 08/18 The Inflation Reduction Act (IRA) provides about $80 billion over 10 years to fund the IRS and improve its “tax enforcement activities” and technology. The funds will be available to the IRS through Sept. 30, 2031. With the funds, the IRS plans to hire nearly 87,000 personnel to help with tax-law enforcement…
100% Bonus Depreciation
2020 – 09/23 The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus depreciation. The deduction generally applies to qualifying property acquired and placed into service after Sept. 27, 2017, and before Jan. 1, 2023. The final regs offer guidance on the requirements that must…