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Education Credit

In order to help taxpayers cope with the incredible costs of higher education, Congress has created two federal income tax credits for qualifying higher education expenses: the Hope credit and the lifetime learning credit. Both credits reduce...

Disabled Access Credit

If you operate a small business, you may be entitled to take a nonrefundable income tax credit for expenditures incurred to make your business accessible to disabled individuals. The amount of the credit is limited to 50 percent of the amount of...

Enrolled Agents

Most people know that both certified public accountants and attorneys prepare taxes and are entitled to represent them in front of the Internal Revenue Service. But fewer taxpayers are familiar with the role of the enrolled agent in income tax...

Tax-free Bond Interest Used for Education

If you invest in U.S. savings bonds, you are generally obligated to pay federal income taxes on the interest earned on the bonds. If you do not include the interest in your gross income in the year in which it was earned, you must include it in...

Offers in Compromise

In certain situations, the Internal Revenue Service may be willing to accept less than the full amount owed by a taxpayer for federal income taxes. The IRS is willing to compromise with a taxpayer under four circumstances: first, there is...