Avoid Truancy to Claim Education Tax Credits
The U.S. government is happy to help students pay for their continuing education so long as they attend class. Truancy has resulted in a billion-dollar tax headache for the U.S. Federal Government, according to the Treasury Inspector General for Tax Administration, the office that is mandated with keeping an eye on the operations of the Internal Revenue Service (IRS). The Administration’s investigators found that approximately 2.1 million taxpayers may have received $3.2 billion in American Opportunity Tax Credit claims erroneously between January 1, 2010, and May 28, 2010.
The American Opportunity Tax Credit was created in 2009 to assist students in meeting the cost of college. It gives out $2,500 toward college costs, much more than the $1,800 Hope Credit, which it replaced. Even better, $1,000 of the student tax relief is refundable, meaning that one is eligible for a refund if they don’t owe any taxes when they file. …
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