TPOTW: Robert Wallace offers tax tips for families

We are proud to feature Robert Wallace as our Tax Pro of the Week. Robert is one of our newer Tax Pros, and as his profile explains he specializes in returns involving the education credit and child tax credit.

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Because of his specialties, I asked Robert if he could offer a few tax tips for families. Check out his advice below:

For 2012, you may be able to claim a tax credit of $1,000 for each qualifying child who is under age 17 at the end of 2012. The credit may be claimed for a child who is under age 17 at th end of 2012 if the child is your “qualifying child.” A qualifying child may be your child, stepchild, grandchild, great-grandchild, brother, sister, stepbrother, stepsister, half-brother or sister, or the descendant of these. Also, if the full amount of the credit cannnot be claimed because of the tax liability limitation, you may be able to obtain a refund for the balance in the form of the additional child tax credit.

There are two tax credits for higher education tuition and qualified fees: The American Opportunity Credit and the LIfetime Learning Credit. The main difference between these two credits are that the American Opportunity Credit is qualified expenses in the first four years of post-secondary education whereas the Lifetime Learning Credit maybe be claimed for higher education costs beyond the fourth year of post-secondary education and for non-degree courses that enable the student to acquire or improve job skills.

Still have questions? Contact me through my profile or call me at 818-621-7232, and I will do my best too explain these credits too you! Dont forget too keep all receipts especially regarding post-secondary education, and we’ll figure out the right education credit for you!

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