The IRS Deductions Blog

Posts Tagged ‘education’

Question: Can I claim travel Tax Deductions between work and uni?

I work full time and have recently started uni. IF I drive from my workplace directly to uni am I able to claim travel expenses?

Answer: If your uni studies are related to your current job, then you will be able to claim study costs, books and stationery, and the travel directly to uni from your work. The key point is that the studies must be directly related to your current job e.g. you are a nurse and undertaking study to become a theatre nurse.

If you are working in a different job to your studies e.g. working in a shop but training to become a teacher, then there is no direct connection between your job and your studies and the travel is deemed to be private; the study costs and books and stationery would also be classed as a private expense and Not Tax Deductible.

Items on Amazon Right Now for Deductions Claim Taxes:

6 Ways To Write Off Your Car Expenses

Cars are one of the most expensive items to own, both in terms of the initial investment we make in

Can I Claim the Music I Buy As a Tax Deduction?

Question: Musical Instruments Tax Deductible?

I rent instruments for both of my kids’ music classes. Is this rental money tax deductible? It doesn’t seem to fit under education expenses, but I’m hoping I’m wrong. Anyone know?
Thanks!

Answer: Afraid not.

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The Ultimate Tax-Time Checklist

Find out what information you need to pull together before filling out your return.

2011 Tax Tip: Job Expenses

Question: If I receive financial aid can I get the college tuition and fees deduction on my taxes?

Is it strictly for people that pay out of pocket?

Answer: If you didn’t pay, why would you be able to “double dip” by also claiming a tax deduction??? You will be able to benefit on your taxes for eligible college costs paid by loans, but not those paid by grants or scholarships.

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To-do list: Buy flowers, file tax return

So what could valentines and income taxes have in common? As it turns out, Monday is a big day for both this year. Feb. 14, of course, is the traditional date for Valentine’s Day — the special day of the year when romantics ply their sweethearts with flowers, chocolates and dinner.

How to Complete a 1040A Tax Form : 1040A Lines 18- 21 Overview

Question: Texas college tax deduction: If I pay in 2009 for classes I’m taking in 2010, do I claim for 2009?

Our accountant said that I should be sure to submit my college tuition receipts so he can figure those into our deduction. If I pay now (2009) for classes I am going to be taken next semester (2010), can I submit the receipt for the 2009 tax season? I am pretty sure I do, but my husband wanted to make sure. Thank you!

Answer: Yes, but just for the first semester of 2010.

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6 new tax breaks for 2011

Tax breaks aren’t just for the rich, and they probably never were. Deductions, credits and other ways to cut your tax bill have long been available to taxpayers in all brackets. (Learn the logic behind the belief that reducing government income benefits everyone.

Tax Help for College Students

Question: Taxable deduction for capitalized tax on student loan…?

I just received my 1098 for my student loan interst. The form list $ 283 in box 1, When I checked the loan website it stated that $ 1000 of interest had been capitalized (added to principle) in december of 2007, why doesnt this amount show in box 1? Is it deductable? This makes a huge difference when filling my taxes.

Answer: If it’s capitalized, that means you didn’t pay it so it was added on to the total you owe. You can only deduct the interest that you actually pay, not an amount that’s accrued. So no, you can’t deduct the extra $1000 – you didn’t pay it.

Items on Amazon Right Now for Tax Deduction Student Loan Interest:

Congress’s Unfinished Tax Business (Part 2) (The Tax Guy)

Bischoff: The rest of my scorecard of unresolved personal tax issues.

Can I Deduct Interest Paid on Student Loans in 2008 on My 2009 Tax Return?