As we move towards April 15th’s tax filing deadline, I wanted to spend a few blogs on explaining some of the more popular tax credits that may be available to you. Up first, the American Opportunity Tax Credit (AOTC). The AOTC is a credit for qualified education expenses paid for an eligible student during their first four years of higher education. The credit is calculated by factoring
The Tax Cuts and Jobs Act (TCJA), passed just at the end of 2017, made some of the most significant changes to the tax code in decades, and you have probably heard numerous takes on how good or bad the legislation is. This is not going to be a discussion of the merits of the bill, but instead, I will highlight three changes that taxpayers can use to their advantage starting as early as 2018. Just one big note, this is for 2018 taxes, due in April 2019. For your 2017 taxes, due in April of 2018, the old tax rules still apply.