With the IRS tax deadline of April 18th approaching soon, Certified Tax Preparer, Tiffany Tapley offers a few last-minute tips for filers, creatives, small business owners, and entrepreneurs. Tapley has over 20 years of experience as a tech creative and entrepreneur consulting with top global Fortune 500 companies. She is well versed in understanding the challenges of juggling multiple contracts, balancing family life, and trying to find ways to lower your tax liability. Tapley offers her services with her virtual tax prep business.
The Chicago Defender spoke with Tiffany Tapley about how to prepare to file your taxes this season, tax tips for parents, and tips for contractors and creatives.
In addition, Tiffany encourages parents of college students to remember available tax credits for college students. Tax professionals can help you determine which one should apply to your tax return.
The American Opportunity Tax Credit:
It can be claimed in amounts up to $2,500 per student, calculated as 100% of the first $2,000 in college costs and 25% of the next $2,000. It may be used toward required course materials (books, supplies, and equipment) and tuition and fees.
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student’s first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
Lifetime Learning Credit:
The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate, and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
To contact Tiffany Tapley, follow her on social media @taxtherapist or contact her office at (708) 408-4922 or via her website at www.taptaxprep.com.