It's that time of year again . . . back to school!  This is a good time to learn about tax benefits that can help offset qualifying education costs. Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent.

The American Opportunity Tax Credit (AOTC)

The AOTC is worth a maximum benefit up to $2,500 per eligible student. It is only available for the first four years at an eligible educational or vocational school for students pursuing a degree or other recognized education credential. Eligible taxpayers can get up to $1,000 of the credit as a refund, even if they do not owe any tax.

There are lots of things to consider when divorcing or separating, and it is a difficult time emotionally and financially for most people. Big changes are taking place in your life, and you should be aware of how these changes may affect your taxes.

Here are some things you should know about alimony, child support, IRA's, and name changes:

Are you planning to rent out your residential property or vacation home?  If so, there are many things you need to consider other than the logistics of cleaning, maintenance, and service to the renter.

Receiving money for the use of a dwelling also used as your personal residence generally requires reporting the rental income on your tax return. Certain expenses related to renting your property become deductible to reduce the total amount of rental income that's subject to tax.

Miscellaneous deductions are tax deductions that generally don’t fit into a particular tax category.  They can help reduce taxable income and the amount of taxes owed. 

For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions.  To do that, they must itemize their deductions instead of taking the standard deduction. 

Here are several tips about miscellaneous deductions:  

Chuck's Greenhouse is located on Rt. 45 in North Jackson, 1-1/4 miles south of Mahoning Ave.  If you haven't been to Chuck's, do yourself a favor and check it out.  They have beautiful plants and flowers at great prices.  Official opening this season is next Saturday, April 28, at 9:00 a.m..  

Chuck's Greenhouse has been a family owned and operated local business since 1995. Owners, Chuck and Jen Lehotsky, grow about 98 percent of the plants you will find at at their 22,000 sq.ft. greenhouse.

Check out this interesting behind the scenes greenhouse operations video by WFMJ TV and see how they do what they do.

Ohio, along with other states, will require driver’s license information for the primary taxpayer and spouse (if Married Filing Jointly) beginning in tax year 2016.

This new requirement is in an effort to combat stolen-identity tax fraud.

Taxpayers will be asked to provide the information from their driver’s license or state issued identification card. For taxpayers who do not have a driver’s license or state ID card, they will have the option to indicate such and still be allowed to e-file.

In recent weeks, the IRS issued a series of Security Awareness Tax Tips designed to help you take steps to protect yourself. If you missed them, we’ve created an IRS Security Awareness Tax Tips page for you to catch up or review.

Remember, cyber criminals continue stealing large amounts of personal data from outside the tax system. They can use that data to file fraudulent tax returns or commit other crimes while impersonating the victims.

The IRS, the states and the tax industry joined together in the Security Summit initiative to help fight back against these criminals. They have made significant progress to help taxpayers, but can do an even better job with your help.

Please consider taking these steps to protect yourselves and your data:

For many of us, the new year signifies new beginnings . . . the first day of the rest of your life!  Hoping this new year brings you all good things, and you are blessed with happiness, good health, and the love of family and friends.

From all of us at DJL Accounting . . .

Wishing you a holiday season filled with peace and joy.

May the New Year bring you happiness and prosperity!

Carl N. Lupi, my beloved step-father, mentor and advisor, passed away peacefully on December 11, 2016 surrounded by his loving family, following a courageous battle with cancer.

Carl has been a big influence in my life. I owe much of my success to him. Sometimes someone comes into your life who changes everything . . . raises the standards, makes you laugh, makes you feel like you. There is something about Carl that you can't put into words. Even though he is no longer here in body, he will always be here in our hearts.