1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution
CelebritySites Logo

Dallas Tax Attorney Nick Nemeth Shares Back-To-School Finance Tips

Nick Nemeth, Founder of The Law Office of Nick Nemeth PLLC, a Dallas Tax Law Firm, discusses some tips for students and parents paying college expenses

 
 
Nick Nemeth, www.myIRSteam.com
Nick Nemeth, www.myIRSteam.com
PRLog - Sep. 26, 2012 - Nick Nemeth, Founder of The Law Office of Nick Nemeth PLLC, a Dallas Tax Law Firm, recently came across a helpful article provided by the IRS, titled “Back To School Tips for Students and Parents Paying College Expenses (http://www.irs.gov/uac/Back-to-School-Tips-for-Students-and-Parents-Paying-College-Expenses).” The article highlights several useful tips that Nick Nemeth and his team also advocate this time each year.  These tips help parents and students find ways to offset some of the upcoming college costs.

IRS Attorney Nick Nemeth remarked, “This time of year can often be very stressful. With students heading back to school and payment deadlines approaching, these tips are some great ones to keep in mind to perhaps keep some of those payments more manageable or even reduced.”

The article (http://www.irs.gov/uac/Back-to-School-Tips-for-Students-a...) provides these four tips:

1. American Opportunity Credit This credit, originally created under the American Recovery and Reinvestment Act, has been extended for an additional two years – 2011 and 2012. The credit can be up to $2,500 per eligible student and is available for the first four years of post secondary education. Forty percent of this credit is refundable, which means that you may be able to receive up to $1,000, even if you owe no taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. The full credit is generally available to eligible taxpayers whose modified adjusted gross income is below $80,000 ($160,000 for married couples filing a joint return).

2. Lifetime Learning Credit In 2011, you may be able to claim a Lifetime Learning Credit of up to $2,000 for qualified education expenses paid for a student enrolled in eligible educational institutions. There is no limit on the number of years you can claim the Lifetime Learning Credit for an eligible student, but to claim the credit, your modified adjusted gross income must be below $60,000 ($120,000 if married filing jointly).

3. Tuition and Fees Deduction This deduction can reduce the amount of your income subject to tax by up to $4,000 for 2011 even if you do not itemize your deductions. Generally, you can claim the tuition and fees deduction for qualified higher education expenses for an eligible student if your modified adjusted gross income is below $80,000 ($160,000 if married filing jointly).

4. Student loan interest deduction  Generally, personal interest you pay, other than certain mortgage interest, is not deductible. However, if your modified adjusted gross income is less than $75,000 ($150,000 if filing a joint return), you may be able to deduct interest paid on a student loan used for higher education during the year. It can reduce the amount of your income subject to tax by up to $2,500, even if you don’t itemize deductions.

The Law Office of Nick Nemeth concentrates on tax law in the Dallas - Ft. Worth area. The firm focuses solely on helping individuals and businesses overcome the stress and devastation associated with IRS problems.

To learn more about The Law Office of Nick Nemeth, please visit http://www.myirsteam.com

About Nick Nemeth:

For Nick Nemeth, IRS problem solving goes well beyond saving money for his clients. As a tax attorney and business owner who has practiced law for more than 15 years, Nemeth runs the Law Offices of Nick Nemeth, a small boutique tax law firm located in the Dallas/Fort Worth area. The firm works to help individuals and businesses overcome their IRS problems.

Photo:
http://www.prlog.org/11984631/1

--- End ---

Click to Share

Contact Email:
***@celebritybrandingagency.com Email Verified
Source:CelebritySites
Phone:4072151739
Zip:32789
City/Town:Winter Park - Florida - United States
Industry:Legal
Tags:irs attorney, dallas tax attorney, Dallas IRS Attorney, Dallas Tax Law Firm, Dallas Tax Law
Last Updated:Sep 26, 2012
Shortcut:prlog.org/11984631
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share