The most generous tax breaks for college costs are the American Opportunity Tax Credit and Lifetime Learning Credit, which offset your tax bill dollar-for-dollar compared to a tax deduction that merely reduces the amount of income subject to tax. The American Opportunity tax credit The American Opportunity tax credit is based on 100% of the first $2,000 of qualifying college … [Read more...]
Archives for August 2019
Tax tips for teachers: Deducting out-of-pocket classroom expenses
Tax tips for teachers: Deducting out-of-pocket classroom expenses TURBOTAX STAFFAug 16th 2019 4:39PM When it comes to making sure students have the tools for successful learning, school teachers commonly dip into their own pockets to pay for classroom materials. Fortunately, the Educator Expense Tax Deduction can offer teachers some financial relief. THE EDUCATOR EXPENSE TAX … [Read more...]
IRS Launches New Tax Withholding Estimator
IRS Launches New Tax Withholding Estimator August 6, 2019 The IRS today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online method for checking … [Read more...]
