You've worked hard for most of your adult life to get your kids to and through college. Now that they've applied to graduate school, you find that you're not done. Graduate school means more money, but it also means a greater return because your children will have a higher earning opportunity. The Internal Revenue Service (IRS) offers a little financial help in the form of education expense credits. This guide explains what you need to know about the lifetime learning credit that you may be able to claim when you file your income taxes.
Parents who are adopting a child have a lot on their minds. They also often incur a lot of expenses. But don't forget that there is some relief offered at tax time in the form of tax credits to help offset costs. Here are the key credits available for adoption.
The Adoption Credit allows you to claim up to $13,190 (in 2014) of the expenses of adoption (except in the case of adopting your spouse's child).
Reading books and watching DVDs are not always leisurely pursuits. Investing the time in watching an instructional DVD or reading a non-fiction book could increase your knowledge in a variety of subjects. Perhaps the knowledge you gain proves extremely helpful in the performance of your job. By the way, anything purchased for legitimate business-related purposes is viable as a tax deduction. Claiming tax deductions on DVDs and books, however, does require a little extra accounting work in order to defuse any skepticism on the part of a tax examiner.