The Federal Tax Credits Blog

Archive for the ‘Education Tax Credits’ Category

Question: Can i get the 2009 student tax credit if i am paying for college with student loans and not cash out of pocket?

I recently found out about the tax credit I am a single father struggling and it would be very helpful i am paying 20,000 per year for tuition with student loans

Answer: Loans, yes, but not with grants.

Tax filings giveaway hooks unsuspecting

It sounds like a sweet deal: The government is giving away stimulus money and unclaimed funds. All you have to do is apply for it. But it isn’t true. Not only that, it’s tax fraud.

College Tuition Tax Credit UIC

Question: i forgot to claim an education credit and the additional standard deduction for my mortgage?

I did receive a refund so how do I know if these credits and deductions are refundable and will even make a difference before I actually amend (2009 taxes)

Answer: Your education is partially a refundable one so all it requires is that you have a tax bill before the credit.

There is no such thing as an “additional standard deduction.” If you are single, then the standard deduction is $5,700. If your mortgage interest, real estate taxes, charitable contributions, state income taxes, etc. don’t exceed the $5,700, that is all you get to take.

Add up your deductions, including the mortgage interest to see if it’s worth amending your return. You should seriously consider have a tax professional take a look at what you did. Your question shows that you don’t know what you’re doing. (It may hurt to hear that, but it’s the truth.)

I hope this helps.
Gary

CAC clips, 3/30/11

SIGNAL PEAK — Ken Ludwig’s side-splitting comedy “Lend Me a Tenor” takes center stage at the Don P. Pence Center for Visual & Performing Arts this Thursday to Sunday at the Signal Peak Campus.

Part 1

Question: Help with Ontario tax credits?

I just got a notice of assessment from CRA – it says I have $6,563 of unused Ontario tuition and education amounts available to carry forward, and $6,479 of unused tuition education and textbook amounts to carry forward. My total income for the year was $21,000 , and my refund was $478.

What does all this mean? Is it too late to redo my taxes for this year and get more $ back?

Answer: This means you have unused tuition credits that you could have used to lower your taxes that you paid. No it is not to late to ask for an adjustment on your tax return. If you are not able to do it yourself take your copy of tax return and notice of assessment to a tax preparer and have them do it.

Constellation Software Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2010 and Declares …

TORONTO, ONTARIO–(Marketwire – 03/02/11) – Constellation Software Inc. (TSX: CSU – News ) (“Constellation” or the “Company”) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2010, and declared a $2.00 per share dividend payable on March 31, 2011 to all common shareholders and class A non-voting shareholders of record at close of business on March …

Dual Credit Courses at Georgian College

Question: On this HOPE Education Tax Credit ?

I can claim tuition, like actual tuition paid by me, including student loan total ot just literal tuition out of pocket?

Answer: Tuition paid with loans is considered to be paid by you.

If you are paying your student loans now, don’t forget that you can also take the student loan interest deduciton.

Pennsylvania deficit puts spotlight on Hollywood tax credits

Supporters of the tax credit program say it substantially increased the number of films made in the Pittsburgh area and pumped $280 million into the region’s economy since 2007.

Part 3

2011 Tax Season: ‘Larger and more lucrative’

WASHINGTON—As any parent knows, the pitter patter of little feet—and bigger ones too—can be a drain on the wallet. But when it comes to taxes, your children can mean extra deductions and credits.

JCCC Board of Trustees 5-21-2009