September 20, 2014

With the fall season upon us, many people are going back to school, and students of higher education should be aware that they can benefit from various back-to-school tax credits when it comes time to file taxes for 2014. In this blog series, we will highlight some of these education tax credits that may help you save money during the upcoming tax season.

If you have any questions about the tax credits discussed herein or you need assistance with any tax-related issue, don’t hesitate to contact a Denver tax law attorney at Goldman Law, LLC.

An Overview of Education Tax Credits for College Students

Denver Tax Attorney   Helpful Info about Back to School Tax Credits for College Students (Pt. 1)

Are you or someone in your household going back to college this fall? If so, here’s some important info about back-to-school education tax credits that may apply to you.

Some of the various education tax credits that may be available to people attending college this year include the following:

  • The American Opportunity Tax Credit – During the first four years of attending a higher education institution, students can benefit from as much as a $2,500 tax credit annually, with up to 40 percent of this credit being refundable.

    In other words, students eligible for this education tax credit can receive as much as $1,000 of this credit as a refund even if they don’t end up owing the IRS any taxes.

  • One Credit per College Student – For each student in a household, you can claim one federal education tax credit each year. For instance, if you have two eligible college students at home, you can claim the American Opportunity Tax Credit for one and the Lifetime Learning Credit for the other.

  • The Lifetime Learning Credit – With this education tax credit, students can claim credits of as much as $2,000 on their federal tax returns, and there is no limit on how long/how many years this credit can be used. In other words, students who may be in their fifth year of college can continue using this education tax credit as long as they are attending a qualifying institution of higher learning.

We will continue discussing some more important info to know about back-to-school tax credits in the upcoming second installment of this blog series – be sure to check it out!

Denver Tax Law Attorney at Goldman Law, LLC

If you would like more info about some of the specific tax credits that you may be able to take advantage of – or if you need help resolving any tax issue, contact a trusted Denver tax law attorney at Goldman Law, LLC. Our lawyers are here for you and ready to provide you with superior representation for all of your tax needs.

At Goldman Law, LLC, we know how complicated and involved tax issues can be, and we also know how to help our clients navigate the intricacies of tax law so that they are able to obtain the best possible outcomes to their tax issues. When you trust our Denver tax lawyer to handle your case, you can be confident that you will receive:

  • Personalized attention for all of your tax needs
  • Clear explanations of the issues and laws affecting your case
  • Answers to all of your questions
  • Professional advice about your best options for resolving your case.

Let’s Talk – Contact Us

You can receive a professional case evaluation by calling (303) 656-9529 or by emailing us using the contact form on this page to schedule an initial consultation. From our offices in Denver, we serve clients throughout Colorado.

Categories: Blog, Tax Credits