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Tax Credit Consulting: Hope Tax Credit Hayden ID

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

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

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Liberty Tax Service
(866) 871-1040
1811 S Lincoln Ave
Jerome, ID

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Liberty Tax Service
(866) 871-1040
8065 Fairview Ave
Boise, ID

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American Tax Services
(208) 853-5007
6625 N Glenwood St
Boise, ID
 
Liberty Tax Service
(866) 871-1040
111 S Broadway Ave # 123
Boise, ID

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H&R Block
(208) 238-5958
4240 YELLOWSTONE AVE
CHUBBUCK, ID

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Liberty Tax Service
(866) 871-1040
1116 12th Ave S
Nampa, ID

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A A Tax & Accounting Llc
(208) 375-1462
5123 Emerald St
Boise, ID
 
Cloverleaf Tax & Business Services
(208) 344-0711
145 E Williams St
Boise, ID
 
H&R Block
(208) 461-9308
341 CALDWELL blvd
NAMPA, ID

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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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