American Opportunity Tax Credit (AOTC)

  • Back-to-School Tax Planning: Education Credits and New Rules to Know

    Back-to-school season is a good time to remind clients that education expenses can have tax implications. The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) remain two important federal tax benefits for higher education. Recent law changes also expand some education-related tax benefits, including qualified expenses for 529 plans and employer assistance with…

  • 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…