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Tax Credit Consulting: Education Credits Hayden ID

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.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

Data Provided by:
H&R Block
(208) 461-9308
341 CALDWELL blvd
NAMPA, ID

Data Provided by:
Fast Tax Plus
(208) 887-1817
13965 W Chinden Blvd Ste 110
Boise, ID
 
H&R Block
(208) 934-9203
342 MAIN ST 3
GOODING, ID

Data Provided by:
H&R Block
(208) 324-2658
115 W MAIN
JEROME, ID

Data Provided by:
Liberty Tax Service
(866) 871-1040
1735 W Broadway St
Idaho Falls, ID

Data Provided by:
Liberty Tax Service
(866) 871-1040
8065 Fairview Ave
Boise, ID

Data Provided by:
Cloverleaf Tax & Business Services
(208) 344-0711
145 E Williams St
Boise, ID
 
Liberty Tax Service
(866) 871-1040
1563 Fillmore St # 2e
Twin Falls, ID

Data Provided by:
Ada Tax Professionals
(208) 377-4303
9140 Ustick Rd
Boise, ID
 
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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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