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Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

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Whether you’re facing tax levies, liens, or garnishments, don’t face the IRS alone. We may even be able to arrange a reduced payment. (Get More Info)

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Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

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Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

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If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

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Payroll is a hassle and a huge time drain for small businesses. Let us help with all aspects of your payroll processing (Get More Info)

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When you need notary services, we’re your trusted partner. We provide fast service for your notary needs. (Get More Info)

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KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

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Maximizing tax refund from you or your child’s cost of schooling

Posted by kftaxaccounting2014 on August 11, 2015 in Uncategorized | 0 comment

As we prepare for the Fall semester, with  students returning back to school, you should know that some of the cost you spend on school fees and some other educational activities could be claimed as tax credits during tax season!

Here is what you should know about it;

If you are an eligible student, the American Opportunity Tax Credit(AOTC) is available for you,this allows you to be able to claim up to 40% of the  total AOTC which is worth up to $2,500 per year.But you should know this credit can only be claimed the first four years of your higher education,any other expense afterward cannot be claimed as tax credit.

Also there is a Lifetime Learning credit (LLC) that is worth up to $2,000 on your tax return, unlike the AOTC, the LLC has no limit as to the number of years that it can be claimed, as long as you are eligible.

Further more, you should know you can only claim one  type of education credit on your tax return each year. If you have more than a child qualifying for education credit same year, then you can claim different credit for each child on  your tax return same year. Meaning that you can claim AOTC for a child and LLC for another child at the same time.

And lastly, you can only claim educational tax credits on eligible school(schools offering education beyond high school). Most Colleges and Universities and some Vocational schools and other postsecondary school falls under the eligible educational institutions  but you should check and know for sure before filing your tax return.



Do you know if your school or children’s schools are eligible,or do you know how to figure out your qualified expenses?Let the tax experts help you maximize your refund so you can save for retirement.

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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