Welcome to the 2012 Tax Season!
Tax Preparation for Individuals, Families and the Self-Employed
AG Tax Services
|2012 Tax Table|
|IRS Forms and Publications|
|Massachusetts Department of Revenue|
|First Time Home Buyer Credit Account Lookup|
|My Committment to YOU||Pricing|
Comprehensive interview to maximize deductions and credits.
|$75 Individual Basic Return
$125 Joint Returns
$150 Joint Returns with Children
Tax Relief from Education Expenses!
Tax Credit vs Tax Deduction
Some people confuse the two so it is important to explain the difference: A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. A tax credit lowers your tax bill dollar for dollar. A deduction shaves money off your taxable income, so the value depends on your tax bracket.
The American Opportunity Credit
A credit of up to $2,500 for qualified education expenses paid for each eligible student. Credit can be generally be claimed if all of the following three requirments are met: 1. You pay qualified education expenses of higher education. 2. You pay the education expenses for an eligible student. 3. The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return
The Lifetime Learning Credit
A credit of up to $2,00 for qualified education expenses paid for each eligible student. Credit can be generally be claimed if all of the following three requirments are met: 1. You pay qualified education expenses of higher education. 2. You pay the education expenses for an eligible student. 3. The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.
Sudent Loan Interest Deduction
If your modified adjusted gross income (MAGI) is less than $75,000 ($150,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan.This is a loan you took out solely to pay qualified education expense that were: For you, your spouse, or a person who was your dependent when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, For education provided during an academic period for an eligible student.
Tuition and Fees Deduction
The tuition and fees deduction can reduce the amount of your income subject to tax. This deduction is taken as an adjustment to income. This means you can claim the decution even if you do not Itemize deductions on Schedule A.
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