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Student loan interest is deductible above the line
Student loan interest is generally deductible as an above the line deduction, meaning you do not have to itemize in order to claim the deduction on your federal income tax return. There is a student loan interest deduction of up to $2,500 for paying interest on a student loan used for higher education. The amount of the student loan interest deduction is gradually reduced if the taxpayer’s modified adjusted gross income is within a certain range.
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Issue Number: IRS Summertime Tax Tip 2016-20
Moving Expenses Can Be Deductible Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements:
What is the Texas Tuition Promise Fund?The Texas Tuition Promise Fund is designed to help families and individuals prepay for all or some future tuition and required fees at any two- or four-year Texas public college or university. Account holders purchase Tuition Units, which represent a fixed amount of undergraduate resident tuition and required fees charged by Texas public colleges and universities. The number of units needed varies depending on the school, but generally 100 units represents 30 semester hours, which is considered to be one academic year. Read more... Please note that nothing in this blog post should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants, or attorneys regarding your individual circumstances and needs. No advice may be rendered by On Call Business Support unless a client service agreement is in place.
Under the proposed rules, the new fee for a regular installment agreement, in which the taxpayer contacts the IRS in person, by phone, or by mail and sets up an installment agreement to make manual payments by check or via the electronic funds transfer payment system (EFTPS) will pay a fee of $225 (up from $120). The $225 fee can be lowered to $107 if the taxpayer agrees to direct debits.
Taxpayers who apply online, but pay by check or EFTPS, will pay $149. Using the online application system at irs.gov and agreeing to direct debit lowers the fee to $31. The fee to restructure or reinstate an installment agreement that is in default will increase to $89. - See more Use the attached tax planning document to start planning for the 2016 tax year.Generally, the IRS does not consider partnerships to be separate from their owners for tax purposes; instead, they are considered “pass-through” tax entities. This means that all of the profits and losses of the partnership “pass through” the business to the partners, who pay taxes on their share of the profits (or deduct their share of the losses) on their individual income tax returns. Each partner’s share of profits and losses is usually set out in a written partnership agreement. |
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February 2018
CategoriesDisclaimerPlease note that nothing in this blog post should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants, or attorneys regarding your individual circumstances and needs. No advice may be rendered by On Call Business Support unless a client service agreement is in place. |
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