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X BENEFITS FOR TEACHERS IS BACK-TO-SCHOOL SEASON ear Up for Savings
WIN OF THE MONTH EXPERT GUIDANCE LEADS TO $37,114.80 TAX LIABILITY WRITE‑OFF CASE SNAPSHOT Client: Individual Taxpayer Type of IRS Issue: Offer in Compromise and Installment Agreement Complications Tax Year in Question: 2012 IRS Claimed Liability: $37,114.80 Savings: $37,114.80
skills. It’s a versatile credit because it can be used for undergraduate, graduate, and professional degree courses.
American Opportunity Tax Credit While this credit is geared toward students who are pursuing a degree, teachers can also benefit if they are continuing their education. The American Opportunity Tax Credit offers a credit for 100% of the first $2,000 of qualified education expenses and 25% of the next $2,000, with a maximum annual credit of $2,500 per student. Unlike the Lifetime Learning Credit, this opportunity is only valid for the first four years of post-secondary education, but it provides a higher credit amount and includes expenses for course materials.
Professional Development Courses Keep in mind that expenses for these courses can often be deducted if they maintain or improve skills in a teacher’s current job! This deduction falls under the category of unreimbursed employee expenses.
Quick Tip: Be sure to keep records and receipts of all eligible expenses throughout the year and consult with a tax professional to maximize your savings! Here’s to a successful and financially savvy 2024– 2025 school year!
In a notable case, clients approached our firm after facing challenges with their Offer in Compromise (OIC) and Installment Agreement (IA). Initially handling these matters independently, they
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encountered a rejection of their OIC and remained in an IA for two years. Fortunately, through strategic timing and careful monitoring of Collection Statute Expiration Dates (CSEDs), a significant portion of their tax liability — approximately $375,000 — was successfully written off in 2018 and 2020. The clients returned in 2022 with a new set of challenges related to a separate liability. Our team acted swiftly to place the client into the Transcript Monitoring Program (TMP) while awaiting the assignment of a Revenue Officer (RO) to manage the outstanding balance. Collaborative efforts with the RO led to the client obtaining Currently Not Collectible (CNC) status, setting the stage for the remaining balance of $37,114.80 to be written off by December 2024.
Inspired by PureWow.com
1. Preheat oven to 400 F. 2. In a large oven-proof skillet, heat olive oil over medium heat. 3. In a bowl, whisk flour, spices, and lime zest. Dredge chicken in the mix to coat. 4. Add chicken, skin-side down, to skillet, then place skillet in the oven for 30–35 minutes. 5. In a medium skillet, heat olive oil and add poblanos. Sauté 4–5 minutes. Add garlic and sauté for another minute. 6. In a bowl, add poblano mix, corn, scallions, lime juice, and cilantro, toss and serve with the chicken. DIRECTIONS
This journey highlights the complexities of tax resolution and the profound impact of expert guidance, ultimately ensuring total relief from liability!
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