Business Tax Recovery Logo


Tax Credit Consulting: Hope Tax Credit Gorham ME

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

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Johnson Virginia M
(207) 772-2322
686 Brighton Ave
Portland, ME
 
H & R Block
(207) 773-0221
252 Saint John St
Portland, ME
 
Austin Associates PA CPA
(207) 892-6642
183 Us Route 1
Portland, ME
 
Hutnak Stephen A LLC
(207) 772-1600
100 Middle St Ste 401
Portland, ME
 
Scott Associates
(207) 772-0441
12 Revere St
Portland, ME
 
Liberty Tax Service
(207) 828-4829
694 Forest Ave
Portland, ME
 
H & R Block
(207) 775-1972
400 Maine Mall Rd
Portland, ME
 
Jackson Hewitt
(207) 899-1540
34 Atlantic Pl
Portland, ME
 
David Thomas & Assoc
(207) 871-0123
477 Congress St Ste 1005
Portland, ME
 
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...

Click here to read the rest of this article from BusinessTaxRecovery.com