Watson CPA Group - Knowledgebase


Education, Tuition Deductions
Are There Tax Breaks for Going to College
By Jason Watson (Google+) Absolutely yes! For those seeking college degrees, parents and students are offered some relief by way of the tax code. Education credits are one of several ways to help curb the costs of higher education. Credits have a significant tax advantage because they reduce...
13 Oct, 2013 Views: 0 Comments: 0
What College Expenses Can I Deduct From My Income
By Jason Watson (Google+) Some tax benefits for higher education costs are in the form of deductions to your income. These amounts are dollar for dollar reductions in the income amount used to calculate your taxable income. The more you can deduct, the less income there is that is subject to...
13 Oct, 2013 Views: 0 Comments: 0
Are Educational Savings Accounts Worth It
By Jason Watson (Google+) When you consider that a dollar today can pay for college tomorrow, then yes they may be worth it. Educational Savings Accounts (ESA's) are a great way to pay for someone to go to college in future years. ESA's come in the form of either state 529 Plans or Coverdell...
22 Oct, 2013 Views: 0 Comments: 0
IRAs and Savings Bonds To Help With Higher Education Costs
By Jason Watson (Google+) It's a little known secret that some investment options offer tax savings for higher education costs. These would include traditional IRAs, Roth IRAs, as well as savings bonds. Read on to get in on the secret. Traditional IRAs and Roth IRAs IRA accounts offer great...
13 Oct, 2013 Views: 0 Comments: 0
Are There Tax Savings When My Employer Pays for My Education
By Jason Watson (Google+) We couldn't complete our series of education tax benefits without giving honorable mention to employer paid education assistance. If you are lucky enough to have an employer who provides education assistance, some of it can be treated as tax free. According to the tax...
13 Oct, 2013 Views: 0 Comments: 0
What constitutes a full-time student for tax purposes?
By Jason Watson (Google+) A full-time student must be enrolled at a school for the number of hours or classes that the school considered full time. The student must have been a full-time student for some part of 5 calendar months during the year (not necessarily consecutive).
16 Oct, 2012 Views: 0 Comments: 0
Can I deduct the cost of sports, games or hobbies while in college?
By Jason Watson (Google+) Maybe. Qualified education expenses exclude amounts paid for any course involving sports, games or hobbies unless the course is required as a part of the student’s degree program. You would need to demonstrate in some fashion such as a curriculum or degree requisites...
16 Oct, 2012 Views: 0 Comments: 0