Tag: education credits

Posts Tagged ‘education credits’

It’s Back-to-School & Time For Your Refund!

Posted by Manisha Hansraj on August 21, 2018
Last modified: August 29, 2018

back to school

It’s back to school time, so here are some tips for tax time!

Attention parents:

  1. Get up to $1,000 for the Child Tax Credit if your child is under 17, resided for more than half the year with you, a dependent on your tax return, your relative, a U.S. citizen, national or resident alien.
  2. If your child is under 13, claim the child and dependent care credit for child care expenses.
  3. Depending on your income, you can claim the Earned Income Credit (EIC).
  4. The Adoption Tax Credit reduces your tax for fees related to court, attorney, travel and meal expenses. You can also claim the Special Needs Credits for all relating child’s special needs expenses.
  5. If you’re paying for your child’s college education, claim the Education Credit for tuition, mandatory supplies and related fees.

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Tax Cuts and Jobs Act and How the Tax Plan May Affect You

Posted by Manisha Hansraj on December 11, 2017
Last modified: January 12, 2018

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New year, new taxes.

President Trump said that he wanted the new tax plan on his desk by Christmas. Nonetheless, the Tax Cuts and Jobs Act went through the Senate, House and flew by Congress. Ultimately, the Tax Cuts and Jobs Act tax plan has a goal to reduce the tax rates for individuals and businesses, which will ultimately affect how much you end up receiving your refund and paying in your tax liability. Most changes will expire in 2025 whereas some will remain permanent.

With the media raving about how taxpayers’ pockets will be affected, here are the changes that the new tax plan will lead to starting January 1st, 2019.

What was eliminated in the new tax plan?

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