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Tax Deduction Consulting: Graduate Student Tax Deductions Norfolk NE

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. Chris E. Nelson (RFC®), CFP
(308) 632-7587
1701 First Avenue
Scottsbluff, NE
Company
Valley Financial Planning
Qualifications
Education: University of Nebraska-LincolnThe Metropolitan State College of Denver, CO
Years of Experience: 16
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
A C Tax & Accounting
(402) 291-2335
1311 Galvin Rd S
Bellevue, NE

Data Provided by:
Liberty Tax Service
(866) 871-1040
12039 Blondo St
Omaha, NE

Data Provided by:
Champion Account & Tax
(308) 436-1919
2020 20th St
Gering, NE

Data Provided by:
Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Jackson Hewitt
(402) 331-4443
1240 N. Washington St. Ste C
Papillion, NE

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Ortega Tax Svc
(402) 734-4745
4923 S 24TH St Ste 202
Omaha, NE

Data Provided by:
Liberty Tax Service
(866) 871-1040
2700 Dakota Ave
South Sioux City, NE

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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...

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