Where Is Your Tax Home?

The IRS has often interpreted one’s tax home to be the location of the taxpayer’s principal place of business; however the Second, Fifth, Sixth and Ninth Circuit Courts have all maintained that a taxpayer’s tax home is the location of his permanent residence. For more information on establishing residency to maintain your tax home, read this C.P.A. Insight.

529 College Savings Plans

Regardless of income level, each Georgia taxpayer can now take up to a $2,000 deduction per return for contributions made on or after January 1, 2007 to Georgia-sponsored 529 Plans. Prepaid College Tuition Plans and College Savings Plans are the two types of 529 Plans available. For more information on 529 Plans and some of their rules and regulations, read this C.P.A. Insight

Lifetime Learning Credit

If you have children, who have been in college for more than two years, or if you plan on attending college yourself, the Lifetime Learning Credit may be an option to ease some of the cost of tuition. The Lifetime Learning Credit is family based and offers, for an unlimited number of years, an allowable credit of up to $2,000 per tax return per year. For more information on the Lifetime Learning Credit, its benefits and eligibility requirements, read this C.P.A insight.