As you send your children back to school, you may be wondering what expenses qualify for education credits or tax-free distributions from education accounts. Use the chart below as a guide. If you have any questions, give me a call. Together we can plan how to best pay for your child’s education.
Important Tax Deadlines
Aug. 15, 2018 – Extended exempt organizations returns due
Sept. 17, 2018 – Third-quarter estimated taxes due
Sept. 17, 2018 – Extended partnerships and S corporations returns due
Oct. 15, 2018 – Extended individual tax returns due
The Tax Cuts and Jobs Act raised the Child Tax Credit from $1,000 to $2,000. Of this, up to $1,400 can be a refundable credit. The Internal Revenue Service has not fully explained how this will work, but I’ll let you know as soon as they issue guidance.
Did You Know?
On Aug. 21, 1911, Vincenzo Peruggia stole the Mona Lisa from the Louvre by hiding in a closet overnight. The painting was not recovered until 1913. Peruggia served seven months in jail for the theft.