Wednesday, August 13, 2014

Education Tax Credits: 5 Ways to Off-Set Tuition Costs

Education tax credits can help offset the costs of college or secondary education. The American Opportunity (Hope Credit extended) and the Lifetime Learning Credit are education credits that you can subtract in full from the federal income tax, not just deduct from taxable income. To qualify for an education credit, you must pay post-secondary tuition and certain related expenses for yourself, your spouse or your dependent. READ MORE

Saturday, August 2, 2014

Equipment Depreciation: 5 Ways To Calculate

When a business purchases an asset/equipment that will last for greater than one year, the cost of that asset is not counted as an immediate expense. Rather, the cost is spread out over several years in a process known as depreciation. Let’s look at different ways to calculate equipment depreciation. READ MORE