Tax expert Frank Ellis has written on many tax-related topics, and he has the ability to find identify the issues that taxpayers care about and shine the light on them. His latest article on Examiner.com centers on the American Opportunity Tax Credit which helps those who are pursuing post-secondary educational opportunities. |
According to Ellis, “Many would like to start a degree program or return to school, but the cost is prohibitive. What these individuals need to know is that there may be help sitting right in the tax code.”
As Ellis points out, the federal government has created many tax credits that help students and their families with the costs of their post-secondary studies. The Hope Credit is one of these and this important credit was extended and expanded under the American Opportunity Tax Credit that was included in the stimulus law of 2009.
Ellis has researched the specific of the Hope Credit and has discovered that the extensions of 2011 and 2012 actually expanded the range of the credit and opened it up to even more taxpayers. Previously, the credit applies mostly to those who had a lower income, but the changes meant that even high income individuals could take advantage of the credit. The expansion also applied the credit to the entire four years of school rather than just two as had been the case before.
As with all of his tax-related articles, Ellis writes about the things taxpayers need to know most. In this case, he reveals the educational expenses that are covered under the credit and he discusses how students qualify for the credit. Ellis also explains that the American Opportunity credit is what’s known as a partially refundable credit which means that even those who owe no tax at all can receive a refund up to 40% of the actual credit.
Readers interested in the topic can find this informative article on Examiner.com. Ellis has also included a helpful video that explains the American Opportunity Tax Credit and the Hope Credit.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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