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- Above-the-Line Education Tax Deduction Reinstated
- Looking back a few years, a taxpayer who had higher education expenses could generally take advantage of four* possible tax benefits: an itemized deduction if the education was job-related, a higher education tuition and expenses tax credit using either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit (LLC), or an above-the-line deduction for higher education tuition and fees. However, the 2017 tax reforms did away with the itemized deduction through 2025, and Congress allowed the above-the-line deduction for higher education tuition and fees to expire at the end of 2017, leaving only the two education credits as options.
- The Difference Between an Audit, a Review, and a Compilation
- There are key differences between compilations, reviews, and audits – and they’re important to know when it’s time for financial documents to be corroborated.
- Video Highlights of Recent Tax Law Changes
- Video: Tax changes that may affect your 2019 tax return
- Video Tips on Working with a Cofounder
- The number-one threat to your business isn't an external factor at all. It's the people you've cofounded that business with. Learn more.
- Employer's Pension Startup Credit Substantially Increased
- If you are considering establishing a qualified pension plan for your business, you may be entitled to the Credit for Small Employer Pension Startup Costs. Eligible small employers that adopt a new plan, such as a 401(k), a SIMPLE plan, or a simplified employee pension plan (SEP), may claim a nonrefundable credit.
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