Business Tax Recovery Logo


Tax Deduction Consulting: Graduate Student Tax Deductions Brigham City UT

There are several different ways that educational expenses can be used as tax deductions to reduce the tax liability of post-secondary school students or their parents. These tax deductions fall into the type generally known as tax relief deductions. Tax relief deductions are not applied equally across the board, but rather they are aimed at lower income tax payers. You will almost always find an income cut off point beyond which the deduction is not allowed.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
6223 Highland Dr
Salt Lake City, UT

Data Provided by:
H&R Block
(801) 272-0412
5002 S HIGHLAND dr
SALT LAKE CITY, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

Data Provided by:
H&R Block Premium
(801) 355-4649
888 S 200 E STE B
SALT LAKE CITY, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 766-2308
1438 E MAIN STE 8
LEHI, UT

Data Provided by:
Abd Svc
(801) 953-0633
2866 S 7070 W
West Valley, UT

Data Provided by:
H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

Data Provided by:
H&R Block
(801) 825-5502
1917 W 1800 N STE D6
CLINTON, UT

Data Provided by:
Data Provided by:

Tax Deduction Consulting: Graduate Student Tax Deductions

Graduate Student Tax Deductions

The tax deductions differ slightly between undergraduate and graduate students. In order to qualify for graduate student tax deductions the student must be taking at least 3 credit hours.

There are several different ways that educational expenses can be used as tax deductions to reduce the tax liability of post-secondary school students or their parents. These tax deductions fall into the type generally known as tax relief deductions. Tax relief deductions are not applied equally across the board, but rather they are aimed at lower income tax payers. You will almost always find an income cut off point beyond which the deduction is not allowed.

What this means is that if you are well off enough financially, you can not expect any tax relief from educational expenses. There are also limits to the total amount of the expenses that are eligible for deductions. The exact income cut off points are based on adjusted gross income (AGI) and they do vary from deduction to deduction. The ball park figures are around $50,000 for single tax payers and $100,000 for married filing jointly. The income figures "phase out", which mean that when they reach a certain figure the percentage of expenses that can be claimed as a deduction is gradually reduced until it reaches zero.

The Hope Scholarship Credit is only for the first two years of undergraduate study, so graduate students are not eligible for it. However, the Life Time Learning Credit does apply to graduate students. The Life Time Learning Credit is for tuition and related expenses paid during the school year. The person who claims the student as a personal exemption is the one allowed to take the credit. The credit is up to $2000 per year.

A new deduction for Higher Education Expense allowed up to $4000 in 2006. It applied to graduate as well as undergraduate students. The deduction may be taken by the student themselves, their spouse, or dependents. You can not take thi...

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