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Tax Credit Consulting: Hope Tax Credit Billings MT

When filing taxes, there are two main ways of saving money on your taxes returns. Read on.

John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
Campbell and Associates,CPAs
(406) 728-9288
2505 S Russell
Missoula, MT
 
Trudy's Bookkeeping & Tax Service
(406) 245-0698
2110 Ridgeview Dr
Billings, MT
 
H & R Block
(406) 652-7020
71 25th St W Ste 5
Billings, MT
 
Abacus Tax Service
(406) 652-0777
3213 Grand Ave
Billings, MT
 
H&R Block
(406) 727-3577
7353 Goddard Dr Bldg 1150
Malmstrom Afb, MT

Data Provided by:
H&R Block Inside Russell Square Shopping Center
(406) 251-6020
1132 SW Higgins Ave Ste 210
Missoula, MT

Data Provided by:
Shonna Stearns CPA
(406) 245-0244
Billings, MT
 
Snyder Scott C CPA PC
(406) 252-4882
3300 2nd Ave N
Billings, MT
 
H & R Block
(406) 259-7707
1038 Main St Ste 7
Billings, MT
 
Data Provided by:

Tax Credit Consulting: Hope Tax Credit

Hope Tax Credit

First off, the Hope tax credit does not refer to an optimistic view towards the amount of money you owe the IRS. Instead, we are talking college expenses.

Hope Tax Credit

If you want to see a father of two openly weep, just mention the cost of college. In all aspects, the costs are outrageous. In some areas, a four year college experience can cost more than a house. Of course, every parent wants their sons and daughters to get a college education, so what can you do? Well, the Hope tax credit is one step you should investigate.

When filing taxes, there are two main ways of saving money on your taxes returns. The first is by claiming deductions from your gross income, lowering the amount of taxable income and possibly even lowering yourself into a different tax bracket. The other method is to receive a tax credit, meaning the tax amount itself is reduced rather than the gross taxable income. Obviously, tax credits trump deductions in every instance.

The Hope tax credit is a tremendous idea, but it could be larger. Essentially, you are allowed to claim up to $1,500 as a tax credit for the first $2,000 spent on a college education during each of the first two years of attendance. The credit can be claimed if you are putting yourself or your spouse through college. It can also be claimed if you are putting a dependent through higher education, to wit, your son or daughter.

In practical terms, the Hope tax credit gives you a nice break on your taxes...

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