Tuition deduction
One such deduction is for tuition and fees paid for higher education, now available for 2006 and 2007. Taxpayers can deduct up to $4,000 of tuition and fees paid to colleges. The tax break starts phasing out for single filers with an adjusted gross income of $65,000 or more and for joint filers with an adjusted gross income of $130,000 or more.
But, where taxpayers claimed that perk last year (2005) -- on Form 1040's line 34 -- this year (2006) they'll find an entry allowing them to claim jury-duty pay they gave to their employer, Luscombe said.
This year, to claim the higher-education tuition and fees deduction, taxpayers need to go one line down, to line 35, and write the letter "T." Line 35 refers to a "domestic production activities," which is a deduction that taxpayers can also claim on that line.
Don't forget that the $1,000 child tax credit does start to phase out at $65,000 (s) and $130,000 (m). Watch for this!
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.