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Tax Credit Consulting: Business Education Iowa City IA

Business expenses for educational purposes are deductions for those who are self employed or are eligible to file personal tax returns. A Corporation filing a tax return would claim any educational expenses paid to employees or provided for employees benefits would be a normal deductible business expense. A deduction merely reduces the taxable income and does not have the same benefits as a tax credit.

H&R Block
(319) 665-9666
2 Hawkeye Dr
North Liberty, IA

Data Provided by:
Craig Adamson
1000 Lindale Drive
Marion, IA
Company
Title: President
Company: Adamson Financial Planning
Type
Investment Advisor Rep: Yes
Education
BS Iowa State University 1996
Years Experience
Years Experience: 14
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Plan

Data Provided by:
Dirk M. Dixon (RFC®), EA
(515) 285-5546
8033 University Blvd
Clive, IA
Company
Baker & Associates, LLP
Qualifications
Education: Bachelors of Business Administration with an emphasis in Finance from Grand View College 1997.
Years of Experience: 15
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(641) 792-5003
300 IOWA SPEEDWAY DR
NEWTON, IA

Data Provided by:
Liberty Tax Service
(866) 871-1040
1706 Brady St
Davenport, IA

Data Provided by:
Bill Elson
3705 Grand Avenue
Des Moines, IA
Company
Company: Spectrum Financial Services
Service
Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning

Data Provided by:
Mr. Kenneth E. Lawson (RFC®), CHFC, CLU, LUTCF
(563) 359-1688
2435 Kimberly Rd Ste 300S
Bettendorf, IA
Company
Client 1st Wealth Management, Inc.
Qualifications
Years of Experience: 44
Membership
IARFC, SFSP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Jackson Hewitt
(515) 232-1040
116 Main Street
Ames, IA

Data Provided by:
America Latina Income Tax
(515) 265-4757
2805 Hubbell Ave
Des Moines, IA

Data Provided by:
H&R Block Inside Crossroads Center
(319) 233-1989
2060 CROSSROADS BLVD STE 105
WATERLOO, IA

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Tax Credit Consulting: Business Education

Business Education Tax Credit

There is no such thing as a Business Education Tax Credit, per se, but business related courses are covered under the provisions of the Life Time Learning Credit.

Business expenses for educational purposes are deductions for those who are self employed or are eligible to file personal tax returns. A Corporation filing a tax return would claim any educational expenses paid to employees or provided for employees benefits would be a normal deductible business expense. A deduction merely reduces the taxable income and does not have the same benefits as a tax credit. When people think of a Business Education Tax Credit, they are often referring to the Life Time Learning Credit.

The Lifetime Learning Credit is one of two major tax credits available for people pursuing higher education. The other one is the Hope Credit. The Hope Credit is much more restrictive and would seldom apply to a business education situation. It is only good for the first two years of post secondary education and must be for courses leading to a recognized degree or certification. It is not totally impossible that this credit would apply, but it is less likely.

The Lifetime Learning Credit is good for any number of years. It is a credit of up to $2000 of qualified expenses that can be taken directly from the tax owed amount. It does not necessarily have to be for particular degree programs and course taken to improve job performance, skill level, and promotion opportunity are covered by the credit.

It should be noted that the Lifetime Learning Credit and the normal deductions for business education are not mutually exclusive. It is possible to claim them both if you qualify for them both. It is interesting to note that the Hope Credit carries a provision that people with a felony drug conviction are not eligible for the credit even if they meet all other requirements. The Lifetime Learning Credit does not have any such restriction.

The idea of a tax cre...

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