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Tax Credit Consulting: Hope Tax Credit Sheridan WY

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

Payless Tax & Business Solutions
(307) 655-5543
307 E 3rd Street
Sheridan, WY
Prices and/or Promotions
20% off Your First Tax Return

H&R Block
(307) 532-5413
2109 MAIN ST
TORRINGTON, WY

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Payless Tax & Business Solutions
(307) 655-5543
307 E 3rd Street
Sheridan, WY
Prices and/or Promotions
20% off Your First Tax Return

H&R Block
(307) 877-5789
1100 PINE AveSTE 113
KEMMERER, WY

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H&R Block
(307) 362-6101
1461 DEWAR dr
ROCK SPRINGS, WY

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H&R Block
(307) 684-5125
510 W LOTT ST STE A
BUFFALO, WY

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Liberty Tax Service
(866) 871-1040
1802 Dell Range Blvd
Cheyenne, WY

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Liberty Tax Service
(866) 871-1040
324 E Washington Ave
Riverton, WY

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Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

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H&R Block
(307) 635-3657
800 S GREELEY hwy STE E
CHEYENNE, WY

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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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