The Federal Tax Credits Blog

Posts Tagged ‘obama’

Art Costa Energy Conservation Tips

Question: Obama’s plan to help college students pay for school?

I’m working on a budget for myself and trying to figure out how I can afford college. I’m one year into a four year program for Elementary Education. My grandmother has told me that Obama has some plan to help out college students. I’ve tried to find out more but it looks like a tax credit. Can someone explain how that works to me? Do you pay for tuition up front then receive the money back at the end of the year? I’m rather confused on this.

http://www.forbes.com/2009/03/10/college-tax-credit-stimulus-personal-finance-retirement-new-credit.html

Answer: Obama increased my grants by $3,000. Apply at FAFSA.gov.

Rising tide of red ink contained by fiscal discipline and good fortune

Finance Minister Colin Hansen claimed credit for “prudent fiscal management” Thursday as he released public accounts showing the deficit for the past year was more than three times larger than the “maximum” touted by Premier Gordon Campbell during the election campaign.

Economic Stimulus Plan | Tax School | Tax Education | Liberty Tax Service

Tax Credit Deal Could Pay Off In Vegas

Now that the House has passed a bill to extend the availability of the homebuyer tax credit, Las Vegas families are closer to getting some relief as they shop the nations toughest housing market.

First Time Buyer Tax Credit Extended pending Obama’s Signature.

Question: Question about education expenses, deductions, and credits on taxes?

Well my question is if I received a 1098T, and it has something listed in the tuition section (I was a student for the first half of 2009), does that mean I can qualify for the tax refund thing? Basically the reason I’m confused is while I did have the huge tuition bill, I paid it with student loans, not from my bank account. Does that disqualify me from listing it on my taxes, or not?

If that didn’t make sense I will add more info, this is my first year of filing “real” taxes (b/c I graduated college in 2009 and got a real job shortly after), so I don’t know all the fancy terms yet. I’m using TurboTaxOnline. Thanks!

Answer: Paying with loans is the same thing taxwise as taking the money out of your bank account, since you have to pay back the loans. Expenses paid with grants or scholarships are not eligible for an education credit.

Tax credits for college credits

Tax-advantaged strategies to fund children’s college education continue to offer CPA clients some relief from that heavy financial burden, but their value will vary widely according to each taxpayer’s financial picture.

FastWeb Insider Secrets: Education Tax Benefits

Question: if i started college in december but got loan in jan does that count for 2009 or 2010 taxes?

i started university of phoenix in december and applied for loans at that time but didnt get the funds till jan 12 to pay for classes starting in december does this count for taxes this year or next year? can i use the hope tax credit for this?

Answer: I would say that would be 2010 taxes, you didn’t actually get your money until January 2010.

Child Care, EITC, Tuition and Household Credits Can Boost IncomeTax Refunds

ALBANY, February 18, 2010– New York State Department of Taxation and Finance Acting Commissioner Jamie Woodward today urged qualifying taxpayers to take advantage of a host of family-friendly credits that lower tax bills and increase refunds.

Well Prepared for High School and College: Maryland’s Nonpublic Schools