We all know college is expensive. Fortunately, there are two sizable federal tax credits for higher education costs that you may be able to claim. The American Opportunity credit generally provides the biggest benefit to most taxpayers. It offers a maximum benefit of $2,500. But it phases out based on modified adjusted gross income (MAGI). For 2019, the MAGI phaseout ranges are between $80,000 and $90,000 for single taxpayers, and between $160,000 and $180,000 for married joint filers. There’s also the Lifetime Learning credit, which equals 20% of qualified education expenses for up to $2,000 per tax return. There are requirements to qualify for both credits. Contact us for more information.
Does your franchise agreement include an audit provision? These routine “check-ups” help evaluate whether owner-operators are embracing your business model and complying with the...
If you want to control costs and improve delivery of your not-for-profit’s services, it’s important to calculate and regularly monitor four key ratios. They...
The IRS’s staffing shortages have been well publicized. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits. Don’t panic if...