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Accounting Services serving Waukesha and Milwaukee. Certified Public Accountant, Tax Consulting for Individuals, Tax Preparation and Consulting for individuals and Business. Divorce Financial and Tax Consulting.
Showing posts with label College tax Credits. Show all posts
Showing posts with label College tax Credits. Show all posts
Tuesday, October 29, 2013
Tuesday, March 26, 2013
Business Tax Preparation Waukesha | Edith Christian CPA
Owning a small business, whether you are a restaurant owner or
doctor’s office, requires effective tax planning and compliance to
ensure your success. No two businesses are the same and require unique
and specific needs. The great extent of our small business experience
enables us to provide a hands on approach to detailed tax planning and
effective coordination of personal & business tax burdens.
We also understand the importance of filing your taxes correctly and
on time. Our team can efficiently and properly prepare your tax return.
We review what you’ve done in the past and offer ideas and options to
lower your taxes in the future. We stay in tune to the newest tax law
changes to ensure you’re taking advantage of all the opportunities to
minimize taxes.
Business tax services include:
- Preparation of income tax returns
- Coordination of personal and business tax burdens
- Proper entity selection tax considerations & issues
- Tax Elections & Positions to achieve favorable tax results
- Succession planning
- Tax Consulting for Individuals / Business
- Tax Preparation and Consulting
- New Business Start-Ups
- Divorce Financial / Tax Consulting
- Collaborative Divorce
262-646-2008
N9 W29360 Thames Road
Waukesha, WI 53188
Tuesday, March 5, 2013
Tax Preparation Waukesha | Collage Tax Credits for 2012
The Internal Revenue Service today reminded parents and students that
now is a good time to see if they qualify for either of two college
education tax credits or any of several other education-related tax
benefits.
In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer.
Though a taxpayer often qualifies for more than one of these benefits, he or she can only claim one of them for a particular student in a particular year. The benefits are available to all taxpayers — both those who itemize their deductions on Schedule A and those who claim a standard deduction. The credits are claimed on Form 8863 and the tuition and fees deduction is claimed on Form 8917.
The American Taxpayer Relief Act, enacted Jan. 2, 2013, extended the American opportunity tax credit for another five years until the end of 2017. The new law also retroactively extended the tuition and fees deduction, which had expired at the end of 2011, through 2013. The lifetime learning credit did not need to be extended because it was already a permanent part of the tax code.
For those eligible, including most undergraduate students, the American opportunity tax credit will yield the greatest tax savings. Alternatively, the lifetime learning credit should be considered by part-time students and those attending graduate school. For others, especially those who don’t qualify for either credit, the tuition and fees deduction may be the right choice.
Click here for more info
In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer.
Though a taxpayer often qualifies for more than one of these benefits, he or she can only claim one of them for a particular student in a particular year. The benefits are available to all taxpayers — both those who itemize their deductions on Schedule A and those who claim a standard deduction. The credits are claimed on Form 8863 and the tuition and fees deduction is claimed on Form 8917.
The American Taxpayer Relief Act, enacted Jan. 2, 2013, extended the American opportunity tax credit for another five years until the end of 2017. The new law also retroactively extended the tuition and fees deduction, which had expired at the end of 2011, through 2013. The lifetime learning credit did not need to be extended because it was already a permanent part of the tax code.
For those eligible, including most undergraduate students, the American opportunity tax credit will yield the greatest tax savings. Alternatively, the lifetime learning credit should be considered by part-time students and those attending graduate school. For others, especially those who don’t qualify for either credit, the tuition and fees deduction may be the right choice.
Click here for more info
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