Tax breaks, credits, and rules for students, parents, and educators — everything about taxes and paying for school.
In just a few weeks, students will be moving into dorm rooms across the country. The new school year is officially beginning! The first few days of college are often a blur of forms, registrations – and more forms. One of the most popular – and yet confusing – forms is the Free Application for…
Whew, S corporation shareholders… You dodged a bullet last week when the bill to raise your taxes was voted down. You mean you didn’t know there was such a bill? Of course, you didn’t. That’s because Congress did what it does best: it snuck a controversial provision to boost taxes on certain S corporation shareholders…
T is for Tuition and Fees Deduction. College can be expensive. Crazy expensive. I say this as a former student now repaying tons of student loans – and eying my three kids and thinking about how in the world I’m going to pay for them, too. Fortunately, there are some tax breaks available for paying…
E is for Educator Expenses. Every Friday, I volunteer in my son’s kindergarten class. I am constantly amazed at how much money his teacher spends – out of her own pocket – to buy treats, prizes, awards, snacks, and crafts for her students. Last Friday, she bought Dr. Seuss paper hats, put together activity books,…
There are very few people that I like dealing with less than the folks who administer my student loans for law school. Undergrad, I managed just fine. But when I moved to Pennsylvania, I was forced to deal with the Pennsylvania Higher Assistance Agency (PHEAA). If you’ve ever dealt with PHEAA, you know they’re a…
It’s nearly the end of September (whew) and we’re wrapping up back to school. To help you stay organized, I’ve made a list of five quick tax tips – for everyone but especially students – to keep in mind: April 15 of each year is the due date for filing your federal individual income tax…
Okay, you already know how savings bonds work… They’re backed by the federal government so the principal is guaranteed. When you buy them, federal savings bonds earn interest which is free from state and local income taxes. Federal income tax on the bonds is generally deferred until you cash the bonds in or until they…
With all of the focus on the cost of higher education, it’s easy to forget that there are a number of scholarships and fellowships available. Scholarships are generally funds paid to or for the benefit of a student at an undergraduate or graduate school who is studying for a degree. Fellowships are funds paid for…
You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction. The deduction can reduce the amount of your income subject to tax by up to $4,000 so long as your modified adjusted gross income (MAGI) is not more…
Education tax credits can help offset the costs of paying for your education or costs you pay for an eligible student who is your spouse or a dependent you claim on your tax return. For 2011, the American Opportunity Credit and the Lifetime Learning Credit are available to qualified taxpayers who pay expenses for eligible…
