Tag Archives: degree

Improve Your Future With On Line Degrees!

One thing that’s been slowly happening since Barack Obama became president is a steady overhauling of college financial aid. The most recent is the introduction of the American Opportunity Tax Credit. At the same time, educational tax credits are not new. They’ve been around for nearly a decade. That doesn’t mean Obama hasn’t worked them over. Those earning college degrees online and at a traditional college would do well to understand all these provisions.

Actually, there already was something in place. It’s called the Lifetime Learning Credit, and it came into being back in 2001, when the original Hope credit was introduced. This credit may not offer as much bang for the dollar, but it does cover a wider field of candidates.

The Lifetime Learning Credit is for students who are in their third year of college, taking post-graduate courses or even going part time with as little as one class. Another key difference is a household can have multiple Learning Credits due to having more than one child in college.

As for the brass tacks of this credit, it gives a student (or the parents of) a 20% tax credit up to the first $10,000, i.e., up to $2,000, for educational expenses including tuition, text books, fees and other education-related items. The expense-related costs are much broader than with the Opportunity credit, and can even include travel if it’s for such things as field research.

One important point is there’s what the IRS calls a “phase out” point. The Lifetime credit can only be applied by a single individual who earn less than $60,000 adjusted gross income or a pair filing a joint return who earn under $120,000. Remember this is the IRS, not the Board of Education, and the credit is obtained when filing one’s income taxes, not when you fill out a FASFA form for a Pell Grant.

Other provisos include an individual can’t get both an Opportunity and a Lifetime credit; just one or the other. Yet, as said before, if a parent has more than one dependent in school, the parent can get credits for all of them if they meet the other criteria.

What must absolutely be understood is the Lifetime is a credit, not a tax deduction. You apply the Lifetime after totaling your taxes, not subtract it from the expenses. The IRS doesn’t allow this kind of double dipping, and could reject the entire thing. There are a number of other peccadilloes the IRS has and some of them can be pretty detailed (such as advancing your education only to get a better job at another company). So one should have the entire tax form reviewed by an accountant before applying for it.

On the plus side though, one could end up with $2,000 off the next taxes, even get money back, if done correctly. No matter how you look at it, that’s one quick way to make your education pay for you. These monies may facilitate further classes to get your degree on line for many students. While many are aware of monies available prior to starting school, such as financial aid, learning about money that can be refunded or credited is a smart way to handle your schooling. There is much more information about money for college on the internet.

Related Blogs

    Your Online Accounting Degrees Can Start You On A New Career!

    There are a number of different specialties inside the field of accounting. This leaves many students with deciding which way to specialize. One answer is to start as an Accredited Business Accountant. A student can get an online college degree while working to get experience in the field of accounting

    A Business Accountant specializes in the needs of small-to-mid-size businesses and in financial services to individuals and families. They are also called general accountants and Accredited Business Advisers. Whatever the title, these kinds of accountants can be seen everywhere, from doing income taxes to assisting in putting together business proposals for the general public.

    Even so, to earn any sort of accreditation, one must get the approval of the Accreditation Council for Accountancy and Taxation. They developed the eight-hour Comprehensive Examination for Accreditation in Accounting. The test checks a graduate’s capability in financial accounting, reporting, statement preparation, taxation, business consulting services, law and ethics. He must also have a minimum of three years experience in the field. Two years of education, i.e., an Associate’s degree, either online or on campus, can fill in for those two years of experience.

    From there it’s been noted that general accountants with a year’s experience earn between $31,500 and $48,250. Senior accountants earn between $43,250 and $79,250, managers between $51,250 and $101,500, and directors of accounting between $68,000 and $208,000. The disparity in salaries is due to the size of the firm, location, level of education and professional credentials the business accountant finds him or herself in.

    The Federal Government also hires a large number of accountants for its various departments. The annual salary for junior accountants was $28,862 in 2007. Those who get their Masters degree first with two years pro experience begin at $43,731. Salaries are slightly higher in selected geographic areas. Accountants employed by the Federal Government in supervisory and managerial positions averaged $78,665 a year in 2007.

    Wage and salary accountants and auditors usually receive standard benefits, including health and medical insurance, life insurance, a 401(k) plan, and paid annual leave. High-level senior accountants may receive additional benefits, such as a company car and an expense account.

    As with all forms of accounting, the best way to advance in the field is with a two part plan. The first is to gain experience on the job. The other is to continue one’s education, both in staying on top of the field for the latest rules and regulations. Go on for a Bachelor of Science or higher as far as degrees are concerned. It’s also not uncommon for ABAs to go on to become CPAs or even Certified Internal Auditors or Management Accountants.

    Related Blogs

      EarnYour Masters Degree At Your Own Pace

      Everyone wants to get the most bang for their buck, especially with today’s economy being what it is. The idea of returning to higher education for the university degrees needed to compete seems impossible, but it doesn’t have to be. Just because you’re on a tight budget does not mean your education should be sacrificed. It is an extremely large decision to be made, as it will take some time and money to make happen.

      Traditional degree programs at brick-and-mortar institutions are designed to cater to students who have few obligations outside of school. Curricula that require inflexible scheduling, group projects and hours of research in a library are not conducive to lives of working adults who have a great deal of personal and professional responsibilities.

      Online colleges understand how this works, and always create learning programs with these things in mind. You can work from home, on your own time, without having to compromise the quality of education you receive. You can keep your schedule as is, and work on classes when it is most convenient for you.

      If you’re returning to school for the first time in years, and you need time to readjust to the learning experience, you will find that an online learning program is perfect for you. You will be able to spend as much or as little time as you need on any given aspect of the course, and you can take your  time doing coursework.

      If you’ve never taken a course online, you can become more familiar with this style of learning by first enrolling in a free online class. Many colleges offer this as an introduction to online learning, so students can get to know the way it works before enrolling in a full online degree program. You can ease your way back into an education more fluidly this way.

      Online university programs could also help individuals whose education was interrupted feel more comfortable in their learning efforts. Classroom-based universities could intimidate some returning students and make them feel self-conscious, as they may worry they will be judged for their age. Conversely, distance degree candidates can focus their energy on their studies and take comfort in the fact that many of their classmates are pursuing higher education for the same reasons they are.

      Some distance degree programs require monthly meetings, which could help adult learners socialize and network with individuals who have similar goals. In turn, they could learn from their fellow students and regain the confidence they will need to market themselves to employers. This valuable information will allow students to take away much more than just basic knowledge when pursuing their education.

      The flexibility of an online program for one or more of your needed college degrees is a huge advantage and benefit to working professionals across the nation. Join the thousands of students who enroll in their associate’s degree every year, some for associates degrees, some for their online bachelor, and work toward a better place in your professional life. Work on improving at your current job, or switch to an all-new and exciting career that will leave you satisfied.

      Related Blogs