Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Refundable Credit Which Credit to Take Post-secondary Education 3-month Rule Maximizing the Credit Qualified Expenses Who Claims the Credit Qualified Educational Institutions Gift Tax Issues If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential education [...]
Article Highlights: Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section [...]
Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund. The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is experiencing a considerable backlog, slowing processing times and disbursements. Typically the IRS processes tax returns and issues refunds within 21 calendar [...]
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