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Christiansen Accounting
Corina L. Christiansen, CPA
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E-NEWSLETTER
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Personal Finance
We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.
This section is provided to assist clients in the various aspects of post-secondary education planning including tax benefits, aid programs, educational savings programs, etc. We encourage you to call for an appointment so that we can help you plan for your children’s education.
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- Above-The-Line Education Deduction
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Through 2011, taxpayers are allowed up to a $4,000 above-the-line deduction for qualified higher education tuition and related expenses. Unless extended by Congress the deduction will no longer be available after 2011.
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- Education Credits Can Be Claimed On An Amended Return
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The IRS has announced that individuals who could have claimed the education credit but failed to do so on their original returns, may claim the credit on an amended return. In general, an amended return may be filed within three years from the date your return was filed or within two years from the time the tax was paid, whichever is later.
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- Coverdell Education Savings Accounts
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When originally created, the maximum contribution to a Coverdell was $500. Subsequently it was temporarily increased to $2,000. However, the increased amount was scheduled to return to $500 starting in 2011. Congress has extended the more liberal contribution limits through 2012.
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