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Lifetime Learning Credit
The Lifetime Learning Credit, provided by , is available to taxpayers in the United States who have incurred education expenses. For this credit to be claimed by a taxpayer, the student must attend school on at least a part-time basis. The credit can be claimed for education expenses incurred by the taxpayer, the taxpayer's spouse, or the taxpayer's dependent. This credit allows for a 20% non-refundable tax credit for first $10,000 of qualified tuition and expenses to be fully creditable against the taxpayer's total tax liability. The maximum amount of the credit is $2000 per household.{{Cite web, url=https://www.irs.gov/publications/p970, title=Publication 970 (2017), Tax Benefits for Education {{! Internal Revenue Service, website=www.irs.gov, access-date=2019-03-10 The credit is available for net tuition and fees (less grant aid) paid for post-secondary enrollment. The credit is available on a per-taxpayer (family) basis, and is phased out at the same income levels as the Hope ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxpayer
A taxpayer is a person or organization (such as a company) subject to pay a tax. Modern taxpayers may have an Taxpayer Identification Number, identification number, a reference number issued by a government to Citizenship, citizens or Company, firms. The term "taxpayer" generally characterizes one who pays taxes. A taxpayer is an individual or entity that is obligated to make Payment, payments to Municipality, municipal or government Revenue service, taxation-agencies. Taxes can exist in the form of Income tax, income taxes and/or Property tax, property taxes imposed on owners of real property (such as homes and vehicles), along with many other forms. People may pay taxes when they pay for goods and services which are taxed. The term "taxpayer" often refers to the workforce of a country which pays for government systems and projects through taxation. The taxpayers' money becomes part of the Government spending, public funds, which comprise all money spent or invested by governmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hope Credit
The Hope credit, provided by (b), was available to taxpayers who have incurred expenses related to the first two years of post-secondary education. For this credit to be claimed by a taxpayer, the student must attend school on at least a part-time basis. The credit can be claimed for education expenses incurred by the taxpayer, the taxpayer's spouse, or the taxpayer's dependent. Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability. The maximum amount of the credit is $1,800 per eligible student. Qualifying requirements An eligible student must meet all of the following requirements to deduct the Hope credit: * be enrolled in one of the first two years of post-secondary education;or a trade school in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Felony
A felony is traditionally considered a crime of high seriousness, whereas a misdemeanor is regarded as less serious. The term "felony" originated from English common law (from the French medieval word "félonie") to describe an offense that resulted in the confiscation of a convicted person's land and goods, to which additional punishments including capital punishment could be added; other crimes were called misdemeanors. Following conviction of a felony in a court of law, a person may be described as a felon or a convicted felon. Some common law countries and jurisdictions no longer classify crimes as felonies or misdemeanors and instead use other distinctions, such as by classifying serious crimes as indictable offences and less serious crimes as summary offences. In the United States, where the felony/misdemeanor distinction is still widely applied, the federal government defines a felony as a crime punishable by death or imprisonment in excess of one year. If punishable by e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scholarships In The United States
A scholarship is defined as a grant or payment made to support a student's education, awarded on the basis of academic or other distinction. "Scholarship" has a different meaning in the United States than it does in other countries, with the partial exception of Canada. Outside the U.S., scholarship is any type of monetary award to fund education. In the United States, the only country with a national system that determines a student's financial need (see Expected Family Contribution), and where universities are far more expensive than in other countries, a scholarship is money for which the student must qualify in some way, and the term "grant" - an award the student receives because of financial need - is used for what in other countries are called scholarships. Scholarships in the U.S. are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Some scholarships for college are merit-based. Merit scholarships might ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Financial Aid In The United States
Student financial aid in the United States is funding that is available exclusively to students attending a post-secondary educational institution in the United States. This funding is used to assist in covering the many costs incurred in the pursuit of post-secondary education. Financial aid is available from federal and state governments, educational institutions, and private organizations. It can be awarded in the form of grants, loans, work-study, and scholarships. In order to apply for federal financial aid, students must first complete the Free Application for Federal Student Aid (FAFSA). The financial aid process has been criticized for its part in enrollment management, whereby students are awarded money not based on merit or need, but on what the maximum the student families will pay. Types of financial aid Grants In the United States, grants come from a wide range of government departments, colleges, universities or public and private trusts. Grant eligibility is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Credits
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate. Refundable vs. non-refundable A refundable tax credit is one which, if the credit exceeds the taxes due, the government pays back to the taxpayer the difference. In other words, it makes possible a negative tax liability. For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could mak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |