A Planning Toolbox for CPAs
With annual college expenses running as high as $50,000, CPAs should be aware of the opportunities the IRS offers taxpayers for 2011. Although, dollar for dollar, credits are usually the preferred choice, CPAs should help taxpayers review the requirements and limitations of both credits and deductions and choose the method that will best minimize their tax liabilities.
Tax Benefits for Saving for Higher Education
IRC section S29 plans. Under IRC section 529, individuals may contribute to a qualified tuition program (QTP) on behalf of any beneficiary. Contributions made to a QTP are not deductible on the federal tax return, but the …