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Tax Credit Consulting: Hope Tax Credit Lewiston 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

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Liberty Tax Service
(866) 871-1040
849 Stillwater Ave # 6a
Bangor, ME

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H & R Block
(207) 775-1972
400 Maine Mall Rd
Portland, ME
 
Brown Barry J
(207) 879-7000
22 Free St Ste 301
Portland, ME
 
Liberty Tax Service
(866) 871-1040
165 State St
Brewer, ME

Data Provided by:
David Thomas & Assoc
(207) 871-0123
477 Congress St Ste 1005
Portland, ME
 
H&R Block
(207) 860-8390
10 DEPOT ST
LIVERMORE FALLS, ME

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Austin Associates PA CPA
(207) 892-6642
183 Us Route 1
Portland, ME
 
Jackson Hewitt
(207) 899-1540
34 Atlantic Pl
Portland, ME
 
H&R Block
(207) 541-1981
629 FOREST AVE
PORTLAND, ME

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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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