The American Opportunity Credit and the Lifetime Learning Credit may help you pay for the costs of higher education. Taxsmith tax attorneys want you to know that if you pay tuition and fees for yourself, your spouse or your dependent you may qualify for these credits.
Here are some facts the IRS wants you to know about these important credits:
The American Opportunity Credit
The Lifetime Learning Credit
You cannot claim either of these credits if someone else claims you as a dependent on his or her tax return. Both credits are subject to income limitations and may be reduced or eliminated depending on your income. Taxsmith tax lawyers caution taxpayers from using the any of the education credits when they are not eligible as it may resolve in IRS tax problems.
Keep in mind that you can’t claim both credits for the same student in the same year. You may not claim both credits for the same expense. Parents or students claiming either credit should receive a Form 1098-T, Tuition Statement, from their educational institution. You should make sure it is complete and correct.
The tax attorneys at Taxsmith, LLC at here to answer any and all questions that you may have whether or not it applies to home office deductions or something else. We will help you resolve IRS tax debt problems through the expertise of our income tax lawyers. Please contact us directly at 888.741.0272 or at firstname.lastname@example.org. We look forward to battling the IRS with you as your Tax Burden Rescue Team!