Tax Tip #9

The Obama administration's stimulus bill has a large portion ($70 billion) of funding set aside for education. This funding will go to low- to middle-income individuals.

The IRS is topping itself with the following program. My husband and I are personally taking advantage of this. We have both returned to school for Spanish, Public Speaking, and Math. Due to my injuries, I am limited to online; however, it is fun so far!

Summary:

Low-income families $1,000 education refund to families that do not earn enough to pay income taxes.

The American Opportunity Tax Credit = $13.8 billion tuition tax credit boost.

This tax credit reimburses 100 percent of the first $2,000 of educational expenses for lower income students. For the next $2,000, students will receive a 25 percent reimbursement. In short, lower income students will receive $2,500 in education reimbursements per year.

These benefits are set to expire after the 2010-2011 school year. The first time home buyer program was to terminate December 31, 2009, but that program was modified and expanded. Don't count on it though if you want to return to school!


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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own.
All documents typed are prepared by Rica Gilmore.

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