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Nov 19, 2020Education Credit
You can qualify for an education credit if you paid the cost of higher education. If eligible, it reduces the amount of taxes you owe on your return and could lead to a refund. There are two education credits: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). There are additional rules […]
adminNov 16, 2020Medical & Dental Expenses
If you are itemizing your deductions (using Schedule A), you can report your medical and dental expenses. The amount of your total medical expenses that you paid for yourself, your spouse, and your dependents during the taxable year must exceed 7.5% of your adjusted gross income. The IRS states that all medical care expenses include […]
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