Maximizing Tax Incentives for Post-Secondary Education Expenses
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Maximizing Tax Incentives for Post-Secondary Education Expenses (MLC641H)
How does saving a good chunk of your hard earned money from educational tax incentives sound to you?
If you have already adjusted your position reading the above line, there is more you would like to read. This seminar offers you a primer on various educational tax benefits, helping you learn how you can benefit from a lot of your hard-earned money that can be saved each year from educational tax incentives. Also, get a heads up on exactly how you can minimize your tax expense by taking advantage of these incentives. There are various provisions that can be as difficult as profitable for you and you can definitely compare and contrast them.
Have you ever pondered on the fact that why is it so important to ‘get the numbers right’? The Treasury Inspector General for Tax Administration found that $3.2 billion in education credits from 2.1 million taxpayers were erroneous.
Did you know that paid tax professionals prepared more than one-half of these erroneous returns? Even more troublesome is the fact that many returns that were technically correct did not result in the maximum tax savings to the taxpayer.
This seminar would serve as an effective technical reference guide to every taxpayer and tax preparer and provide numerous examples on tax planning tips as well.
While at all this, learn a variety of definitions, qualifications and limitations for a lot of deductions and credits that you may have to face. These deductions and credits may be limited to education expenses of taxpayers unlike other cases which include expenses from taxpayer’s spouse and/or dependants. There are also various kinds of incentives that yield to different types of benefits. For instance, tax credits generate a dollar-for-dollar reduction in the taxpayer’s overall tax liability and possibly a refund, while tax deductions reduce the taxpayer’s taxable income, so the ultimate benefit is dependent on the taxpayer’s tax liability and marginal tax rate. Three detailed case studies will be discussed which would illustrate how to maximize various tax incentives.
You will learn that you as a taxpayer cannot benefit from all the provisions simultaneously as tax deductions and credits are mutually exclusive. Also, you cannot claim both deduction and credit for the same expense. This may change your tax each year depending upon your income and marginal tax rate.
We will have expert speaker Cherie Hennig, Ph.D. explain us on the all this including deductions related to education expenses and tax credits related to education expenses. Cherie would take up deductions covering the topics of tuition and fees deduction as well as work-related education expenses deduction. She will efficiently move to tax credits where she would explain about the American Opportunity Credit (AOC) that replaced the Hope Credit for tax years after 2008 as well as the Lifetime Learning Credit (LLC).
Understanding what meets the definition of “qualified tuition and related expenses”
Understanding the definition of an academic period for the tax year the expenses were paid
Understanding what is an eligible educational institution
Understanding who is eligible to claim the tax benefit for the qualifying expenses paid for qualifying dependents
Understanding how to choose between a tax deduction or a tax credit
Understanding when it may be preferable for a parent to NOT claim a child as a dependent
Who Should Attend:
All Professionals including:
Staff responsible for tax compliance
Staff responsible for advising clients on maximizing tax benefits of post-secondary education expenses
Parents/Students which want to more of such incentives
Cherie Hennig, Ph.D., is the author of the treatise, Practical Guide to Schedule M-3 Compliance, 2nd edition, published by CCH, Contemporary Tax Practice, 3rd edition, published by CCH, and numerous articles on Schedule M-3 and Schedule UTP compliance which have appeared in The Tax Advisor, Ta...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.