American Opportunity Tax Credit (AOTC)

  • It’s Back-to-School Season: Help Clients with Tax Tips and Education Credits

    Two of the most widely used credits — the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) — may offer significant opportunities to reduce a client’s federal income tax liability. This article provides an overview of these credits, including qualified expenses, income limits, institutional reporting requirements, and common filing issues — so…

  • TAS Warns of Ban for Improperly Claiming Some Credits

    The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits. The downside is that the IRS has the ability to ban a taxpayer from claiming any of…