OVERVIEW

Welcome to “Scholar’s Advantage: Mastering Education Tax Benefits” an in-depth course meticulously crafted to empower taxpayers with the knowledge and strategies needed to unlock the full potential of education tax benefits provided by the IRS. Throughout this comprehensive course, participants will dive into the education tax benefits, gaining invaluable insights into eligibility criteria, available credits, deductions, and optimal saving tactics.

Participants will encounter a multifaceted exploration of key topics:

Firstly, participants will receive a comprehensive overview of Education Tax Benefits, gaining a distinctive understanding of the array of tax incentives offered by the IRS to alleviate the financial strains associated with higher education.

Secondly, the course delves into eligibility requirements, providing clarity on the specific criteria individuals must meet to qualify for various tax credits and deductions, ensuring participants can confidently ascertain their eligibility status.

Thirdly, participants will explore a diverse array of Tax Credits and Deductions, including the American Opportunity Credit Tax Credit (AOTC), Lifetime Learning Credit (LLC), tuition and fees deduction, and student loan interest deduction. Through detailed explanations and practical examples, participants will learn how to strategically leverage these credits to maximize savings effectively. The course material includes the timing of payments, considerations for scholarships and grants, and other strategic planning methodologies tailored to education expenses.

Finally, participants will acquire invaluable insights into reporting and compliance, mastering the accuracy of reporting educational expenses and credits on tax returns to reduce the likelihood of common errors and audits. Each section will conclude with a unique scenario video to enhance comprehension.

Learning Objectives:

Upon completion of this course, you will be able to:

• Master the eligibility criteria, calculation methods, and phase-out rules for the American Opportunity Credit and Lifetime Learning Credit.
• Identify and differentiate between qualified and non-qualified education expenses for various tax benefits, ensuring accurate claims and compliance.
• Understand the rules and tax implications of education savings plans such as 529 plans and Coverdell Education Savings Accounts (ESAs).
• Develop strategies for coordinating multiple education tax benefits to maximize tax savings while avoiding double benefits and penalties.
• Stay current with changes in tax laws and IRS regulations related to education tax benefits, adapting strategies to maintain compliance and optimize client outcomes.
• Advise clients on the tax treatment of student loan interest, loan forgiveness programs, and potential tax consequences of default or discharge.

At the end of the course, participants will be required to pass a comprehensive final exam covering all topics addressed throughout the course. The exam is open book, and the downloadable PDF containing the course material is available on the first page of the course. A minimum score of 70% is necessary to satisfy the Continuing Education (CE) requirement and to obtain a Certificate of Completion. Successful course completions are reported to the IRS within three business days.