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Tax credits help offset higher education costs

 

Taxpayers who pay for higher education in 2018 can see tax savings when they file their tax returns. If taxpayers, their spouses or their dependents take post-high school coursework, they may be eligible for a tax benefit.

There are two credits available to help taxpayers offset the costs of higher education. The American opportunity credit and the lifetime learning credit may reduce the amount of income tax owed. Taxpayers use Form 8863, Education Credits, to claim the credits.

The American opportunity credit is:

  • Worth a maximum benefit up to $2,500 per eligible student
  • Only for the first four years at an eligible college or vocational school
  • For students pursuing a degree or other recognized education credential
  • Partially refundable. This means if the credit brings the amount of tax owed to zero, 40 percent of any remaining amount of the credit, up to $1,000, is refundable.

The lifetime learning credit is:

  • Worth a maximum benefit up to $2,000 per tax return, per year, no matter how many students qualify
  • Available for all years of postsecondary education and for courses to acquire or improve job skills
  • Available for an unlimited number of tax years

To be eligible to claim the American opportunity credit, or the lifetime learning credit, the law requires a taxpayer or a dependent to have received a Form 1098-T from an eligible educational institution.

More Information:
Tax Benefits for Education: Information Center
Education Credits – AOTC and LLC
American Opportunity Tax Credit: Questions and Answers
Pub 970, Tax Benefits for Education


Posted on: August 02, 2018

 

Tips for Taxpayers Who Need to Amend a Return

 

Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. This includes changing the filing status and dependents, or correcting income, credits or deductions. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return. Taxpayers should not file an amended return to fix math errors, because the IRS will correct those.

Here are some tips on how a taxpayer amends a tax return. Taxpayers should: > More…


Posted on: May 21, 2018

 

American Legion to hold Community Shred Day

On Saturday May 19 the American Legion Auxiliary will hold a Community Shred Day.  The event will take place from 9 a.m. until noon in the parking lot of the Donelson Post 88 home located at 2864 Elm Hill Pike in Nashville.

Bring your bags or boxes of items to be shredded and Shred on the Run will bring their state of the art shredding truck.  You can watch youritems being shredded in a secure way. The shredded materials will be recycled, helping to keep our community green.

A suggested donation of $3 per box or bag of any size will be used to help support Post 88 charities including providing support for homeless veterans, Operation Stand Down, and children and youth programs.

Material that can be shredded include paper, photographs, CD’s, x-rays, blue prints, DVD’s, microfilm, credit cards, uniforms, photo film, floppy disks and notebooks.


Posted on: April 24, 2018

 

Form 14039 Can Be Filed Electronically – New IRS tax identity theft website

The Federal Trade Commission and the Internal Revenue Service (IRS) are teaming up to make it easier for consumers to report tax-related identity theft and to receive assistance in recovering from it.

The IRS will now allow consumers to report identity theft to the IRS electronically through the FTC’s IdentityTheft.gov website. Victims of tax-related identity theft need to file IRS Form 14039, Identity Theft Affidavit, before the IRS can begin resolving the problem. Until this new initiative, consumers could only file an IRS Form 14039 manually.

Identitytheft.gov allows consumers to report identity theft and to receive a personal recovery plan. In addition to an identity theft report that can be used in place of a police report to help clear their credit reports of fraudulent information, consumers can obtain customized letters they can send to creditors, debt collectors and others to help recover from identity theft causes.


Posted on: April 19, 2018

 

Tax Time Guide: ‘Where’s My Refund?’ online tool answers commonly asked question

The Internal Revenue Service today said that most tax refunds are issued in less than 21 days, although some may take longer. As of March 16, the IRS had already issued more than 61 million refunds averaging $2,960. Taxpayers can check the status of their refund online at IRS.gov by visiting the “Where’s My Refund?” tool or through the IRS2Go mobile app. > More…


Posted on: March 30, 2018

 

Goodlettsville Community Clean-up Day, Saturday, April 14th

 

Goodlettsville Community Clean-up Day, Saturday, April 14th

WHO:  Citizens residing within the city limits of Goodlettsville (proof of residence required)

WHAT: Free drop-off of household waste up to one (1) truckload, stream clean-up & document shredding

  • 8:00 am – 3:00 pm    Trash & recycling convenient center drop off (up to 1 truckload)
  • 9:00 am – 12:00 pm  Stream Clean-up Event
  • 9:00 am – 12:00 pm  Shredding Event

WHERE: Goodlettsville Public Works Convenience Center, 215 Cartwright Street

Items we cannot accept: construction waste, household hazardous waste, household cleaners, automotive products, lawn and garden products. For additional information please call 615-859-2740


Posted on: March 07, 2018

 

The Right to Pay No More than the Correct Amount of Tax

Taxpayers have the right to pay no more than the correct amount of tax they owe. This is one of ten basic rights known collectively as the Taxpayer Bill of Rights.

Taxpayers have the right to pay only the amount of tax legally due. This includes interest and penalties. Additionally, taxpayers can expect to have the IRS apply all tax payments properly.

Here are some things taxpayers should know about the right to pay no more than the correct amount: > More…


Posted on: February 26, 2018

 

As Tax Season Kicks Off, Here’s What’s New On Your 2017 Tax Return

There has been a great deal of information about the new tax reform law and what it means for the current tax year. But with tax season for the 2017 tax year just around the corner, taxpayers want to know what’s new for 2017. Here’s what you need to know about changes to your 2017 tax returns: > More…


Posted on: January 31, 2018

 

Tip reporting: What you need to know about filing IRS Form 8027 for 2017

As you tie up loose ends on your 2017 records in preparation for filing taxes, don’t forget about your tip-reporting paperwork.

Many large food and beverage operations are required to file an annual report of gross receipts and tips with the Internal Revenue Service, and for some, to allocate tips to certain employees for the 2017 calendar year.

Form 8027, the Employer’s Annual Information Return of Tip Income and Allocated Tips, for 2017 is due at the end of February 2018 for operators who file in paper format, and a month later for restaurateurs who file electronically.

The IRS uses this form to flag restaurants where tip income may have been underreported and where tips may have to be allocated. The IRS has also indicated in recent years that they’re on the lookout for businesses that are required to file the form but fail to do so.

As you assemble your records, here’s what you need to consider about Form 8027: > More…


Posted on: January 29, 2018

 

New Year, New Tax Law (Infographic)


Posted on: January 18, 2018

 

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