Arizona changes to 529 College Savings Plan

Have you started planning for your child’s future yet? It is never too early or too late to start, and it could even lower your tax liability! A great way to get your child’s future on track is to open a 529 College Savings Plan. Don’t miss: Is there reasonable cause for late filing and …

Keep Reading

Do education expenses qualify as business expenses?

I recently ran across a court case (Czarnecki v. The United States) that addressed the deductibility of education expenses as business expenses. Czarnecki, an engineer, amended his 2010 tax return to deduct expenses related to the researching and writing of his doctorate thesis as ordinary and necessary business expenses. The resulting refund, however, was denied …

Keep Reading

Tax reform impacts education tax breaks

The Tax Cuts and Jobs Act modifies qualified tuition programs and the exclusion of student loan discharges from gross income. There was much debate regarding changes to other educational benefits as part of tax reform, including the elimination of the student loan interest deduction, repeal of exclusion of income for graduate student tuition waivers and modifications …

Keep Reading

Government Forgives Certain Student Loan Debts

The amount of student loans outstanding has been called an economic ticking time bomb by some experts – with a long list of reasons why more and more students are having a hard time paying back the borrowed funds. Student loan debt can be difficult to have discharged even in bankruptcy. But there are ways …

Keep Reading

AZ Expands School Tuition Organization Credit to S Corps

The Arizona legislature has established a pro rata income tax credit for an S corporation that donates to a school tuition organization (STO) for tax years beginning on or after 1/1/2015. To qualify for the credit, the aggregate amount of the contribution in the tax year must be at least $5,000 and the statutory requirements …

Keep Reading

Education for Governmental Accountants

How many governmental accounting classes did you take in college? One, maybe two at the most? Or are you like me, and you didn’t take any? There was only one class offered and it was a combination of non-profit and governmental financial accounting. Like many of the governmental accountants out there, I was trained on …

Keep Reading

We’re from the Government and We’re Here to Help Finance Your Education

President Obama’s recent proposal to offer two free years of community college tuition has garnered a lot of attention. But like my favorite finance guru Dave Ramsey likes to say, “When the government says ‘free’, pull out your wallet.” Along with the idea of ‘free’ college tuition, the President’s proposal includes some tax hikes. One …

Keep Reading