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Tax Credit Consulting: Education Credits Boulder City NV

Just about any expense that is required for your attendance is eligible for the credit. Room and board are not covered, nor is insurance or any type of expense for optional activities at school.

Nancy Carlyle
(702) 293-5442
404 Nevada Hwy
Las Vegas, NV
 
Biz Inc
(702) 558-4034
7470 Commercial Way
Henderson, NV

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Garrett Cooper Associates, Inc.
(702) 719-1560
320 S Boulder Hwy Ste 105-106
Henderson, NV
 
ACL TAX SERVICES
(702) 331-9157
325 N GIBSON ROAD
HENDERSON, NV
 
Jeffrey M Graham, EA & Associates
(702) 451-2268
2298 W Horizon Ridge Pkwy Ste 107
Henderson, NV
 
Instant Tax Svc
(702) 823-4637
834 S Boulder Hwy
Henderson, NV

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Mc Connell Tax Svc
(702) 564-2602
101 W Atlantic Ave
Henderson, NV

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Ovist & Howard, CPAs
(702) 456-1300
7 Commerce Center Dr Ste
Henderson, NV
 
L. A. Salo, CPA, Ltd.
(702) 898-1280
2625 Wigwam Pkwy Ste 106
Henderson, NV
 
Servitax Inc
(702) 458-3939
4545 E Tropicana Ave Ste 9
Las Vegas, NV

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Tax Credit Consulting: Education Credits

Education Credits

There are two basic education credits available. They are the Hope Credit and the Lifetime Learning Credit.

The two Education Credits are the Hope Credit and the Lifetime Learning Credit. They are paid on expenses that are incurred by you or your spouse or your dependents. Only one of the two Credits may be taken on any individual student in any given Tax year. The actual amount of the credit is determined by using your qualified tuition and related expenses and considering the limitations based on your adjusted gross income (AGI).

Just about any expense that is required for your attendance is eligible for the credit. Room and board are not covered, nor is insurance or any type of expense for optional activities at school. Things like books and student activity fees are acceptable as long as they are required as a condition of the program that is required. The Credits are normally claimed on Form 8863 which gives the instructions and the limitations for claiming the Education Credit.

The Hope Credit applies only to qualified students in the first two years of an undergraduate program or similar type of vocational school. Usually, if the school qualifies to offer Federal Student Aid programs, it will be qualified for purposes of the Hope Credit. The Credit may only be taken during those two years, and can not be combined with the Lifetime Learning Credit. The Lifetime Learning Credit can be taken any number of years, not only in certain ones like the Hope Credit. The only requirement is that the program is leading to a certain job goal, or is for advancement within an already existing job field.

The credits are subject to limitations. They are designed to give a tax break to lower income students and their families. The assumption is that higher income families will have made other investment decisions to finance educational expense and would not need the tax relief as much. Regardless of the fairness of this policy, the Lifetime Lear...

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