Understanding the deductibility of school costs for children can be challenging. That’s one reason why back-to-school season is a good time to check in with your clients who have kids. It’s an opportunity to combine your mid-year tax planning with a remin
The credits apply to eligible students enrolled in an eligible college, university or vocational school, including both nonprofit and for-profit institutions. The credits are subject to income limits that could reduce the amount claimed on their tax ...
One of the groups working on tax reform for the Senate Finance Committee (SFC) has just recommended that the two higher education credits and the tuition deduction be combined into a single credit. But significant tax reform is still in its infancy.
There is a plan to push a package of these tax extenders earlier than usual this year and to make them permanent, once and for all. This will enable taxpayers, including both individuals and businesses, to plan accordingly.