Tag Archive for students

Tax Tips For Students With A Summer Job

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer.

1. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want to make sure all their employers are withholding an adequate amount of taxes to cover their total income tax liability. If you have any questions about whether your child’s withholding is correct, please call our office.

2. Whether your child is working as a waiter or a camp counselor, he or she may receive tips as part of their summer income. All tip income is taxable and is therefore, subject to Read More

Written by | Posted in Federal • Income Tax • Individual • United States

Claiming The American Opportunity Credit

This is a very valuable credit for students who are pursuing a first degree in college. You can claim this credit for yourself, your spouse, or any dependent that you claim on your tax return.

It is very important to note that the American opportunity credit can be claimed ONLY for the first four years of post-secondary education for each eligible student. This means, then, that this credit is applicable only to college students who are in their freshman, sophomore, junior, and senior years. This credit is therefore not available to post-grad students.

To be eligible to claim the American opportunity credit, the following conditions Read More

Written by | Posted in Individual • Specialty Tax Incentives