Below are some tax tips, feel free to contact us for more information regarding any of the tips or any other questions you may have!
Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar-for-dollar, unlike a deduction, which reduces your taxable income.
Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you don't need to itemize the deduction.
Self-Employed Health Insurance Deduction : If you were self employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage after March 29, 2010, for any child of yours who was under age 27 at the end of 2010, even if the child was not your dependant.
These are just a few tax tips that may be helpful to consider when preparing your taxes for the year.
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Sunil R. Shah
Shah Tax & Accounting Services
444 Northam Drive
North Brunswick, NJ 08902
Office: (732) 305-2TAX
Fax: (732) 305-6807
Mobile: (908) 227-1037