New York, NY -- (SBWIRE) -- 02/21/2014 -- Education tax credits can reduce taxes owed dollar for dollar. Both the American Opportunity Credit and the Lifetime Learning Credit may be claimed for education expenses including tuition, fees, textbooks, supplies, and equipment required for classes. Expenses such as student insurance, transportation to the educational institution, and personal expenses cannot be claimed for the purposes of either credit.

American Opportunity Credit
The American Opportunity Credit (AOC) allows taxpayers to get a dollar-for-dollar credit toward their taxes for up to $2,500 for each eligible student they claim. Eligibility is based on type of education (must be going for an undergraduate degree or certain certifications), and amount of time enrolled (must be at least a half-time student for at least one academic period during the year). In addition, the taxpayer claiming the credit may not have a felony drug conviction on his or her record.

In the case of the American Opportunity Credit, even if one does not owe any taxes, he/she can receive up to $1,000 of the credit as a tax refund – 40% of the credit is refundable.

Lifetime Learning Credit
The Lifetime Learning Credit (LLC) can garner up to $2,000 per year for each eligible student. This credit is not limited to those working toward undergraduate degrees or those taking a certain number of credits per year; this means that graduate students taking just a few classes each year may still receive the credit. Unfortunately, unlike the AOC, those claiming the credit cannot receive a refund of any percentage of the LLC if they did not pay taxes. This credit may, though, be claimed by taxpayers who have a felony drug conviction.

"You may not claim either credit based on expenses you paid with grant money, scholarships, or fellowships, or if you are claimed as a dependent on someone else's tax returns." said ExpressTaxRefund.com spokesperson Michele Tyson. "Both credits are also subject to income restrictions."

About ExpressTaxRefund.com
ExpressTaxRefund.com was founded in 2002 with the goal of helping people prepare and file their taxes quickly, easily and affordably. Since then, ExpressTaxRefund.com has grown to become one of the most popular online tax preparation services. For more information about ExpressTaxRefund.com, visit http://www.expresstaxrefund.com.

CONTACT
Michele Tyson
ExpressTaxRefund.com
800-825-4303
http://www.expresstaxrefund.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New York, NY -- (SBWIRE) -- 02/20/2014 -- If someone has paid for the professional care of a disabled adult dependent, or if he/she has paid for childcare for a qualifying dependent child who was 12 years of age or younger, he/she is probably eligible to receive a significant tax credit – the Child and Dependent Care Credit. This tax credit can earn someone – dollar for dollar – up to 35 percent of the expense of the care he/she paid for, during the tax year.

If someone is claiming the credit for child care he/she paid, the child must be qualified as his/her dependent, and must be 12 or younger – or have physical or mental disabilities making it impossible for the child to care for him/herself if over the age of 12. If someone is claiming the credit for adult dependent care, he/she must be able to show that the adult is incapable of self-care. He/she must also be able to prove that the care provided allowed him/her to work (for income) or to seek employment. If someone's employer provides dependent care benefits, the amount he/she claims for the credit must be reduced by the amount he/she received as an employment benefit.

To be eligible to claim the Child and Dependent Care Credit, the qualifying child or adult dependent must have lived in someon's home for over half the tax year, and someone must have paid over half of the expenses involved in maintaining a home for him or her. In some cases, with divorced parents, the non-custodial parent may have a right to claim a child as a dependent. In this case, the custodial parent may still claim the Child Care Credit, even without claiming the child as a dependent.

"It is necessary for the provider of the childcare or adult care services to meet specific qualifications, as well." said ExpressTaxRefund.com spokesperson Michele Tyson "They may not be a dependent, and you must provide their information -- name, business name (if they have one), address, and tax ID number (SSN or EIN) – on IRS Form 2441."

About ExpressTaxRefund.com
ExpressTaxRefund.com was founded in 2002 with the goal of helping people prepare and file their taxes quickly, easily and affordably. Since then, ExpressTaxRefund.com has grown to become one of the most popular online tax preparation services. For more information about ExpressTaxRefund.com, visit http://www.expresstaxrefund.com.

CONTACT:
Michele Tyson
ExpressTaxRefund.com
800-825-4303
http://www.expresstaxrefund.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New York, NY -- (SBWIRE) -- 02/18/2014 -- Claiming dependents – whether children or adult relatives – on someone's tax return can provide significant tax benefits to him/her. Each qualifying dependent someone claims is an additional personal exemption. Qualifying dependents of the correct age and relationship to someone may also make him/her eligible for a number of different tax credits, which can save him/her money dollar-for-dollar. These credits include:

- Child Tax Credit
- Earned Income Credit
- Child and Dependent Care Credit

Having a qualifying dependent as a single filer may also make it possible to claim Head of Household filing status, which is usually beneficial as well.
The IRS has very specific criteria that someone as the taxpayer – and any child or other relative – must meet to allow him/her to claim (a) qualifying dependent(s):

- The filer may not be claimed as a dependent on anyone else's return.
- The dependent may not be married and filing jointly with their spouse – unless there would be zero taxes owed for either spouse if they filed separately, and they are receiving only a refund of withholding or estimated payments.
- The dependent must be either a U.S. citizen, national, or resident alien. They may also be a dependent in some cases if they are a resident of Mexico or Canada.
- The dependent may not be claimed as a dependent by any other taxpayer.
- Qualifying children must have lived with someone for over 50 percent of the tax year.
- Someone must have been responsible for over 50 percent of the cost of a qualifying relative's support.

"Dependents must also meet certain criteria to be considered a "qualifying child" or a "qualifying relative." The IRS provides detailed descriptions of both sets of criteria." said ExpressTaxRefund.com spokesperson Michele Tyson. "Be aware that your tax return will be audited if you and another taxpayer both list the same person as a dependent."

About ExpressTaxRefund.com
ExpressTaxRefund.com was founded in 2002 with the goal of helping people prepare and file their taxes quickly, easily and affordably. Since then, ExpressTaxRefund.com has grown to become one of the most popular online tax preparation services. For more information about ExpressTaxRefund.com, visit http://www.expresstaxrefund.com.

CONTACT:
Michele Tyson
ExpressTaxRefund.com
800-825-4303
http://www.expresstaxrefund.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New York, NY -- (SBWIRE) -- 02/18/2014 -- Tax rates and the standard deduction amount that someone can take, are both based primarily upon the tax filing status that he/she chooses. Someone's filing status depends upon his/her marital status on the last day of the tax year, as well as whether or not he/she has a qualifying dependent (for Head of Household status).

Married, Filing Jointly or Married, Filing Separately

Even if someone was unmarried for the majority of the tax year, if he/she became married on or before December 31, he/she is considered married for tax purposes. In certain special situations, married persons who live separately from their spouses and have a qualifying dependent may be able to claim Head of Household status.

Married couples may file one tax return together (Married, Filing Jointly), or may each file their own (Married, Filing Separately). If someone files jointly, both his/her income and his/her spouse's income – and both of his/her deductions – are combined.

"In most cases, MFJ status will save you more money on your return than filing separately." said ExpressTaxRefund.com spokesperson Michele Tyson. "If you are separated or in the process of a divorce, or need to keep your finances (and tax liabilities) separate for legal reasons, you may want to consider MFS status instead."

Single and Head of Household

If someone was legally not married on the last day of the tax year, his/her status is usually Single. If someone is single, but claiming a dependent, he/she may use Head of Household status, which is usually beneficial. Head of Household status allows a higher standard deduction and lower tax rates than Single status.

Qualifying Widow/Widower

If someone is unmarried on the last day of the year due to the death of his/her spouse earlier in the tax year, he/she may file Married, Filing Jointly or Married, Filing Separately. If someone is unmarried due to the death of his/her spouse within the two years before this tax year, he/she may file as a Qualifying Widow or Widower, allowing him/her to use the same standard deduction and tax rates he/she would if he/she was still married and filing jointly.

About ExpressTaxRefund.com
ExpressTaxRefund.com was founded in 2002 with the goal of helping people prepare and file their taxes quickly, easily and affordably. Since then, ExpressTaxRefund.com has grown to become one of the most popular online tax preparation services. For more information about ExpressTaxRefund.com, visit http://www.expresstaxrefund.com.

CONTACT:
Michele Tyson
ExpressTaxRefund.com
800-825-4303
http://www.expresstaxrefund.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm