Tax Information

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Tax Incentives for Higher Education

 The tax code  provides a variety of tax incentives for families who are paying higher  education costs or are repaying student loans. You may be able to claim  an American Opportunity Credit (formerly called the Hope Credit) or  Lifetime Learning Credit for the qualified tuition and related expenses  of the students in your family (i.e. you, your spouse, or any dependent)  who are enrolled in eligible educational institutions. Different rules  apply to each credit and the ability to claim the credit phases out at  higher income levels.


Charitable Contributions

 When preparing to  file your federal tax return, don't forget your contributions to  charitable organizations. Your donations can add up to a nice tax  deduction for your corporation (if you are a member of a flow-through  business entity), or your personal taxes if you itemize deductions on  IRS Form 1040, Schedule A. 


Earned Income Tax Credit for Certain Workers

 Millions of  Americans forgo critical tax relief each year by failing to claim the  Earned Income Tax Credit (EITC), a federal tax credit for individuals  who work but do not earn high incomes. Taxpayers who qualify and claim  the credit could pay less federal tax, pay no tax, or even get a tax  refund. Please contact us so we may realize your specific situation and  offer advice.