Education expenses can be claimed as a tax credit on an itemized return, but under what circumstances? For instance, does a long-term course of study as an electrician count as a 4-year post-grad program?
According to income tax experts H&R Block, the American Opportunity Credit, or AOC, may be claimed by individuals who are working toward an educational credential such as a certificate or bachelor’s degree. That’s it.
2011 Federal Tax Deductions
Everyone is looking for deductions for their 2011 federal tax situation. We’ve all heard of the mortgage deduction, the medical deduction, and even deductions for owning an electric car–but are those all the deductions you can find? It’s important to know all the deductions, so you can maximize your own personal benefits this tax season. There are many “unique” deductions that are perfectly legitimate that most individuals probably are not even aware exist. These deductions have been used in the past and are still on the books. Perhaps they might even help you this tax season. … Read more at 2011 Tax.
Tax season is upon us, and with it comes a lot of work and a lot of stress. It is everyone’s goal to come out of a tax filing with some extra money in pocket – or at least to have to come up with as little out of pocket as possible. Therefore, it is extremely important not to miss any and every possible deduction you can take whenever you are preparing your tax forms. If you are not an expert in tax code, then it is likely there are some deductions you could miss if you are not conscious … Read more at 2011 Tax.
Your tax return 2011 will need to be filed before April 15, 2012, for those not keeping track. It’s important to be aware of the deductions you’re planning to take right now. Keep track of your expenses and have them readily available for your tax professional to refer to when needed.
Preparing for your 2011 tax filing can be relatively pain free if you set up a system which organizes tax deductions, exemptions and tax credits. Start by having a clear understanding of your earnings. Next keep a record of all your deductions. Keep them organized by category.
Medical costs … Read more at 2011 Tax.