Business Accounting & Tax Preparation
1585 W Wetmore Road, Tucson, AZ 85705
Mailing Address: P O Box 35743, Tucson, AZ 85740
Phone: 520-292-9773 Fax: 520-292-9878
Accounting By Design, Inc.
Teacher Classroom Deduction
$300.00 (up $600. if married filing joint - $300.00 each) This applies to teachers, instructors, counselors, principals and aides. In order to qualify you must spend at least 900 hours during a school year as an educator.Education Credits
American Opportunity Credit
Lifetime Learning Credit
Benefit
40% of the credit may be refundable
(limited to $1,000 per student)
Tax Credit
(non-refundable)
Annual Limit
$2,500 credit per student
$2,000 credit per tax return
Qualifying Expenses
Tuition & required enrollments fees
Course related books, supplies &
equipment
Tuition & required enrollments fees
Course related books, supplies & equipment,
only if paid to the institution as a
requirement of enrollment
Qualifying Education
Undergraduate & graduate study if within
the first four years of post-secondary study
Undergraduate & graduate
Courses to acquire or improve job skills
Other Conditions
Can be claimed for only 4 years
Must be enrolled at least half-time in a
degree program
No felony drug convictions
One or more courses
Modified AGI Phaseout
$80,000 - $90,000
$160,000 - $180,000 (MFJ)
$80,000 - $90,000
$160,000 - $180,000 MJF
US Savings Bond Interest Exclusion for Qualified Higher Education
•
Tax Free Earnings
•
Annual Limit - Amount of Qualified Education Expenses
•
Qualifying Expenses - Tuition and required enrollment fees, payments to Coverdell ESA and Payments to Qualified Tuition Programs
•
Qualifying Education - Undergraduate and graduate
•
Only applies to Series EE bonds issued after 1989 or Series I bonds