Education Credit Alert

While taxpayers will now be required to have a 1098T to claim an education credit or deduction, institutions are often not required to provide one. Until that is remedied, many taxpayers could be deprived of a credit they would have otherwise been qualified for. more »

Education Tax Credit Essentials

Education Tax Credit Essentials has been published by Dana Bell and is available as a paperback and in electronic form for major eBook devices. This book attempts to help professionals better understand the many complexities related to education tax… more »

OpenOffice Writer Themes

In Word you can create a document and by using styles associated with the selected theme, you can make sure the design is consistent throughout, without having to change a lot of fonts and colors. You could also create a document and then select an alternate theme and totally change the design of the document (colors, fonts, etc). While OpenOffice Writer doesn't have themes, you can actually do much the same thing in OpenOffice.… more »

Seek Professional Help

Tax season in now over for the regular 2014 tax year. Yes, there are still extensions but for many the taxes are paid or the refund has been requested. This was my fourth year working as a volunteer preparing tax returns and I prepared about 180 returns… more »

Explaining the American Opportunity Tax Credit

When I talk to a taxpayer about their return and the potential of claiming the American Opportunity Tax Credit (AOTC) they often are confused about it, especially if the AOTC involves including scholarships in income. I've struggled with how to explain… more »

Marketplace Coverage Affordability Worksheet

Several exemptions are available for the Affordable Care Act. Many of the exemptions are simple and only require tax preparers to look up a value in a table. The exemption for income below the filing threshold is a simple one to look up. Similarly, in states like Texas, an exemption is available for household income below 138% of federal poverty level. One of the exemptions, however, requires some calculations. The calculations aren't particularly complex, but the tax preparer must look up at least four different items when calculating marketplace coverage affordability.… more »

Education Credits: Quirks and Questions

In many cases claiming the education credit for clients is relatively easy. If there are only taxpayer expenses, you only need to determine the amount of qualifying expenses (QE). In many cases that is reported on the 1098T. Add required expenses paid… more »