INTERNAL REVENUE SERVICE – Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.
• American Opportunity Tax Credit. This credit can be up to $2,500 per eligible student. The AOTC is available for the first four years of post secondary education. Forty percent of the credit is refundable. That means that you may be able to receive up to $1,000 of the credit as a refund, even if you don’t owe any taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. A recent law extended the AOTC through the end of Dec. 2017. More on AOTC.
• Lifetime Learning Credit. With the LLC, you may be able to claim up to $2,000 for qualified education expenses on your federal tax return. There is no limit on the number of years you can claim this credit for an eligible student.
You can claim only one type of education credit per student on your federal tax return each year. If you pay college expenses for more than one student in the same year, you can claim credits on a per-student, per-year basis. For example, you can claim the AOTC for one student and the LLC for the other student. More on LLC.
• Student loan interest deduction. Other than home mortgage interest, you generally can’t deduct the interest you pay. However, you may be able to deduct interest you pay on a qualified student loan. The deduction can reduce your taxable income by up to $2,500. You don’t need to itemize deductions to claim it.
These education benefits are subject to income limitations and may be reduced or eliminated depending on your income. More information can be found in the Tax Benefits for Education Information Center at IRS.gov and Publication 970, Tax Benefits for Education.
For immediate assistance with education credits, or another tax matter, contact us today at 1-949-260-4770 for a FREE and CONFIDENTIAL consultation with our CPAs and former IRS Agents.
We look forward to serving you.
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I received great advice in how to deal with the FTB, i don’t review often, but when someone is honest and legitimate, they do deserve a review. My questions were answered, and if i didn’t quite understand, Micheal was more than willing to give me follow-up answers to better help me. I highly recommend Landmark Tax Group, just for the mere fact that they treat you as a human being, Not a cash cow.
I had some returns from previous years to complete after receiving a hefty bill from the California Franchise Tax Board. Michael was prompt in answering my questions and very helpful and reassuring. We had several back and forth communications and this was all done for free since they do not prepare tax returns. He gave me some contacts and advice and now I’m on my way to getting my situation resolved. I’m very thankful for his advice and guidance.
While Michael’s scope of practice meant that we ultimately could not work directly to resolve the issue I was having, he was very prompt, professional, generous and kind in taking time out of his schedule to consult with me, refer me to his network of colleagues- not just once, but a second time even months after. Some professionals are just after services and compensations but Michael strikes me as someone who genuinely cares about your situation and wants to see to it that it gets resolved. These other reviews speak to that as well. You never want to be in a situation where you need to be looking up tax help, but God forbid you ever are, Michael is the person you want in your corner!
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Wow, just wow. I called Michael today to ask about some major tax issues I had with a defunct corporation I’d started years ago. Michael talked to me for about half an hour, walking me through options and generally helping me understand my options.
Because of him, I’m going to rest nicely tonight for the first time in weeks. It was great to hear that he used to work in IRS collections for 8 years too… which made me feel a lot more secure in his answer.
In all, I’m completely stunned by the level of service he gave to a random stranger who called in and wasn’t going to turn into any revenue for him. I have to imagine that his level of service for actual customers is unreal.
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We were very pleased with the expert assistance we received from Michael Raanan at Landmark Tax Group. In a matter of months we had a resolution to our IRS tax issue. He was very knowledgeable, professional, explained things in easy to understand terminology & was very easy to discuss our tax issues with. We called around to other tax groups & just felt the most comfortable speaking & working with Michael. We are happy to recommend him & his firm.
Great place for tax [relief] advice. Even if they don’t see a need for you to use and pay for their service, they’ll still give you excellent advice and direction at no cost. They are worth a call.
Michael Raanan represents the highest level of professionalism, integrity, decency, and true concern for his clients. His advice every step of the way was right on target. The end result was a savings of $13,000 on my taxes.
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