Diapoules & Feinstein, Long Island Accountants, React to IRS’ Tax Tips for Parents and Students

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Leading Long Island accountants Diapoules & Feinstein, CPAs P.C. respond to the IRS’ tax tip mentioned in an article published by Accounting Today.

On March 12, Diapoules & Feinstein’s Long Island accountant, Jim Diapoules, responds to the Internal Revenue Service’s (IRS) reminder for parents and students to take advantage of education tax credits when filing their taxes.

According to the Accounting Today article, “The American Opportunity Tax Credit, the Lifetime Learning Credit, and the tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student.” The IRS says an “eligible student” is one of the following: “the primary taxpayer,” “the taxpayer’s spouse,” or “a dependent of the taxpayer.”

Students enrolled in an “eligible college, university or vocational school” qualify for either the American Opportunity Tax Credit, the Hope Credit, or the Lifetime Learning Credit, reports the article. The IRS provides a list of tax benefits for parents and students and includes information on refunds and other tax-related subjects. “The benefits are available to both taxpayers who itemize on Schedule A and those who claim a standard deduction,” the article stated. “The credits are claimed on Form 8863 and the tuition and fees deduction is claimed on Form 8917.”

Long Island accountant Jim Diapoules, of accounting firm Diapoules & Feinstein, CPAs P.C., “With the cost of education anyone who neglects to take advantage of the tax credit should be ashamed of themselves. Although there are income limits to the credits or adjustment to income, the credit/adjustment take be taken regardless of whether you itemized or not.”

Diapoules & Feinstein have been providing accounting, auditing and tax services to the Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

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