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Tax Deduction Consulting: Graduate Student Tax Deductions Washington DC

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.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

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Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
Qualifications
Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

Data Provided by:
B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
Company
Frank & Darby Doe
Qualifications
Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

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Atab Tax Service
(202) 829-2822
536 Columbia Rd Nw
Washington, DC
 
Ari Group Llc
(202) 723-5059
1731 7th St Nw
Washington, DC

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Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

Data Provided by:
Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
Company
Integrity Financial Group, LLC
Qualifications
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Martin J. Beeson (RFC®), CEP, CSA
(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
Company
The Planning Companies
Qualifications
Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

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Multistate Tax Commission
(202) 624-8699
444 N Capitol St NW Ste 425
Washington, DC

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Express Tax Svc
(202) 332-0400
1541 7th St NW
Washington, DC

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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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