A Tax Credit For Certain Educational Expenses
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A Tax Credit For Certain Educational Expenses
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Author : James Ackley Maxwell
language : en
Publisher:
Release Date : 1972
A Tax Credit For Certain Educational Expenses written by James Ackley Maxwell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with categories.
Description Of S 2673 And S 550 Relating To Tuition Tax Credit For Certain Education Costs Scheduled For A Markup On August 9 1982 By The Senate C
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Author : United States Congress Joint Taxation
language : en
Publisher: Forgotten Books
Release Date : 2018-03-07
Description Of S 2673 And S 550 Relating To Tuition Tax Credit For Certain Education Costs Scheduled For A Markup On August 9 1982 By The Senate C written by United States Congress Joint Taxation and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-07 with Reference categories.
Excerpt from Description of S. 2673 and S. 550 Relating to Tuition Tax Credit for Certain Education Costs: Scheduled for a Markup on August 9, 1982 by the Senate Committee on Finance Present law provides no tax credit or deduction for personal educational expenses. The bill would provide a nonrefundable credit for 50 percent of tuition expenses paid to elementary and secondary schools for certain qualified dependents of the taxpayer. The maximum credit would be $100 in 1983, $300 in 1984, and $500 in 1985 and subsequent years. The maximum credit amount would be phased down for taxpayers with adjusted gross income of greater than $50,000, and no credit would be allowed for taxpayers with adjusted gross income of or more. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Educational Expenses
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Author : United States. Internal Revenue Service
language : en
Publisher:
Release Date : 1979
Educational Expenses written by United States. Internal Revenue Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Income tax deductions for expenses categories.
Educational Expenses
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Author :
language : en
Publisher:
Release Date : 1988
Educational Expenses written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Income tax deductions for expenses categories.
Tax Credits For Education
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Author : United States President of the United States
language : en
Publisher:
Release Date : 1972
Tax Credits For Education written by United States President of the United States and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with categories.
Schooling Congress
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Author : Stuart Lazar
language : en
Publisher:
Release Date : 2011
Schooling Congress written by Stuart Lazar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Education may be a cornerstone of our society, but the tax treatment of higher education expenses does not appear to have resulted from an intellectual exercise that would make our nation's educators' proud. The Internal Revenue Code provides two separate, but equally unsatisfying, routes that allow taxpayers to offset their income with the costs of higher education. Where an individual can reduce her tax liability while receiving an education, the effect is to reduce significantly the cost of that education. First, where amounts spent on education qualify as an “ordinary and necessary business expense,” a taxpayer will be entitled to deduct such expenses in computing her taxable income. However, the Service's current interpretation of this deduction is more restrictive with respect to education expenses than with respect to other expenditures. The second, and more limited, route to obtaining a tax subsidy arises from certain tax incentives enacted for higher education expenses. These incentives include exclusions from gross income for certain amounts used to pay for higher education expenses, as well as a number of deductions or credits for taxpayers who make such expenditures. While providing incentives for higher education is a worthy goal, the tax incentive provisions consist of a hodgepodge of confusing statutes that fail to meet their stated objectives. The correlation between education and compensation - i.e., the more education one has, the more one earns - should be properly reflected in the tax code. More specifically, the Code should be revised to provide similar tax treatment for education expenses as is afforded other business expenses. This Article will discuss the tax treatment of higher educational expenses. Part II traces the history of Section 162 with respect to education expenses leading to the Service's current interpretation, and provides criticism of the current law in this area. Part III discusses the myriad of tax incentive provisions set forth in the Code, and it briefly discusses some of the concerns associated with those provisions. Part IV provides a framework for revising the Code in connection with higher education expenses, providing guidelines for when such expenses should be currently deductible and when capitalization and amortization should be required. Part V concludes the Article. This Article does not attempt to address generally whether the government should subsidize such education. The Code has, for years, provided tax incentives for higher education. Nor is it an attempt to end the debate on whether incentives for higher education should be provided through the tax code. Rather, this Article attempts to discuss the current and historical tax treatment of higher education expenses and to provide a system that more properly matches a taxpayer's income with the associated educational expenses.
Higher Education Tax Credits
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Author : Linda W. Cooke
language : en
Publisher: Nova Novinka
Release Date : 2006
Higher Education Tax Credits written by Linda W. Cooke and has been published by Nova Novinka this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Education tax credits were introduced as a new subsidy for higher education in 1997 and have cost, on average, $4.6 billion a year in lost tax revenue since their enactment. The introduction of the Hope Credit and the Lifetime Learning Credit marked a dramatic increase in education spending through tax expenditures. Prior to 1997, tax incentives for higher education expenses totalled less than $2 billion in estimated lost revenue. The education tax credit program expanded the number of federal agencies involved in education policy making and increased the complexity and cost of administering the income tax system. This book provides analysis of the education tax credit program in the context of issues facing Congress in regard to higher education. This report begins with a review of the economic rationale for subsidising education, then describes federal subsidies for education in general and the education tax credits in particular. An analysis of the education credits follows and the report concludes with a discussion of education tax credit policy options. The Taxpayer Relief Act of 1997 established two permanent federal income tax credits, effective since tax year 1998, for qualified post secondary education expenses -- the Hope Scholarship credit and the Lifetime Learning credit. The Economic Growth and Tax Relief Reconciliation Act of 2001 created a temporary higher education tax deduction beginning in 2002. The Hope credit was introduced to help ensure that students have access to the first two years of undergraduate education. The Lifetime Learning credit and tuition and fees deduction provide support for students in any year of undergraduate and graduate study; they are unique in that they are available to individuals taking occasional courses. Only one of the three tax benefits may be taken in the same tax year for the same eligible student's qualified expenses. Key features of the credits and deduction dictate who the provisions benefit and the value of assistance they confer. Among these are the non-refundable nature of the credits (i.e., persons must have income tax liabilities and the liabilities must exceed the maximum amount of the credits in order to claim their full value), the deduction's availability whether or not taxpayers take itemised deductions, and the statutory limits on benefit amounts and on taxpayers' income. Accordingly, middle-and upper middle-income individuals are the targeted beneficiaries of these tax incentives. All three benefits apply to the tuition and fees required for enrolment that are not offset by grant aid (e.g. qualified scholarships) and other tax benefits (e.g. Coverdell Education Savings Accounts and Section 529 Plans). The Hope credit has had a maximum value of $1,500 per student since its inception; the Lifetime Learning credit, $2,000 per return since 2003.
Miscellaneous Deductions And Credits
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Author : United States. Internal Revenue Service
language : en
Publisher:
Release Date : 1976
Miscellaneous Deductions And Credits written by United States. Internal Revenue Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Tax credits categories.
Tax Treatment Of Tuition Expenses
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Author : United States. Congress. House. Committee on Ways and Means
language : en
Publisher:
Release Date : 1978
Tax Treatment Of Tuition Expenses written by United States. Congress. House. Committee on Ways and Means and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Federal aid to education categories.
Description Of S 550 Tuition Tax Relief Act Of 1981
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Author :
language : en
Publisher:
Release Date : 1981
Description Of S 550 Tuition Tax Relief Act Of 1981 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Tax credits categories.