Business Tax Recovery Logo


Tax Credit Consulting: Hope Tax Credit Salem OR

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

H&R Block
(503) 363-1585
1361 LANCASTER drNE
SALEM, OR

Data Provided by:
Northwest Tax & Bookkeeping
(503) 585-6948
750 Hawthorne Ave NE
Salem, OR

Data Provided by:
H&R Block
(503) 585-5264
1361 LANCASTER DR
SALEM, OR

Data Provided by:
Max Refund Tax Svc
(503) 393-2141
4947 River Rd N
Keizer, OR

Data Provided by:
Mr Z's Tax Svc
(503) 393-5725
4795 River Rd N
Keizer, OR

Data Provided by:
Mayer Financial Group
(503) 585-1393
2367 State St Ste 30
Salem, OR

Data Provided by:
Cornerstone Tax & Financial
(503) 363-3786
1084 Liberty St SE
Salem, OR

Data Provided by:
Jackson Hewitt
(503) 585-4663
3771 Commercial St. SE
Salem, OR

Data Provided by:
Jackson Hewitt
(866) 634-1040
3832 River Rd North
Keizer, OR

Data Provided by:
Evans Accounting & Tax Inc
(503) 588-3673
146 Chemawa Rd N
Keizer, OR

Data Provided by:
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