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Tax Tips for Individuals

2018
Jan-08-2018Tax Cuts and Jobs Act -- Individual Provisions
2017
Jan-14-20172017 Income Tax Updates
2016
Aug-19-2016Installment Agreement FeesMar-29-2016Where Is My Refund?Feb-10-2016How To Make Your Children "Pay Off" at Tax TimeFeb-05-2016IRS Payment OptionsFeb-01-2016Choosing the Right Filing StatusJan-22-2016Choosing the Right Tax Forms and Who Should File
2015
Sep-09-2015IRS Payments Made Easier (but not painless)Sep-09-2015IRS Reminder--Report Name ChangesSep-04-2015Affordable Care Act EstimatorsSep-04-2015College Tuition Tax CreditsSep-04-2015Tax Tips --DivorceJan-23-2015IRS Payment Plans / Fresh Start Program
2014
Dec-31-2014Affordable Care Act Tax provisions for 2014
Current
Oct-02-20135 Tips for Early PreparationOct-02-2013Amended ReturnsOct-02-2013Ayuda en EspanolOct-02-2013Car DonationsOct-02-2013Charitable ContributionsOct-02-2013Check Withholding to Avoid a Tax SurpriseOct-02-2013Credit for the Elderly or DisabledOct-02-2013Deductible TaxesOct-02-2013Deduction of State and Local TaxesOct-02-2013Earned Income Tax Credit for Certain WorkersOct-02-2013Filing an ExtensionOct-02-2013Filing Deadline and Payment OptionsOct-02-2013Foreign IncomeOct-02-2013Gift GivingOct-02-2013Marriage or Divorceā€¦Oct-02-2013Refinancing your HomeOct-02-2013Refund, Where's My Refund?Oct-02-2013Selling your HomeOct-02-2013Tax Credit For Plug-in Electric VehiclesOct-02-2013Tax Incentives for Higher EducationOct-02-2013Ten Ways to Avoid Problems at Tax TimeOct-02-2013The Tax Advocate Service, provided by the IRSOct-02-2013Tips and Taxes

Tax Incentives for Higher Education

Date: 10/2/2013

The tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying student loans. You may be able to claim an American Opportunity Credit (formerly called the Hope Credit) or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family (i.e. you, your spouse, or dependent) who are enrolled in eligible educational institutions. Different rules apply to each credit and the ability to claim the credit phases out at higher income levels.

If you don't qualify for the credit, you may be able to claim the "tuition & fees deduction" for qualified educational expenses. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. This deduction phases out at higher income levels.

You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not have to itemize your deductions on Schedule A Form 1040. However, this deduction is also phased out at higher income levels.

Stop in our offices in either Warren, Michigan, or Richmond, Michigan, to learn more about your tax incentives.