It’s tax time, which means it’s time to claim education tax credits you may be eligible for. Unfortunately, a lot of tax software programs don’t provide good instructions for doing so, so it’s a good idea to pull up the instructions for Form 8863 and review them before filing. The American Opportunity Tax Credit is the more valuable of the two credits,…
Tax Credits and Deductions
Form 1098-T is a tuition statement that students receive from their college. It serves two primary purposes: Form 1098-T isn’t filed with your taxes; instead, you use the information to file and then keep it for your records. One important point about form 1098-T: it only shows tuition net of scholarships. Both education tax credits and 529 distributions have additional qualified expenses…
With December almost here, it’s time to get on year-end tasks. If you’re among the many who want a year-end to do list, here goes!
It’s tax time, which means it’s time to claim education tax credits you may be eligible for. Unfortunately, a lot of tax software programs don’t provide good instructions for doing so, so it’s a good idea to pull up the instructions for Form 8863 and review them before filing. The American Opportunity Tax Credit is the more valuable of the…
A client’s former advisor told her that she should save $800,000 per child for college. None of my initial reactions to that were appropriate for a client meeting, but how much should you save for college is an important question for a lot of families so let’s dig into that. First, why do advisors tell people that they need to…