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Pelham - Windham News
March 19, 2010 - 5
More Letters to our Editor. . . .
heat
food/
clothing
Maintaining Your
entertainment
nullelnullm Election nullads to Tnullnk nullou for
the one critical issue that confronted
savings
taxes
nullindhanullthis yearnull nullhe nulloters clearly Piece of the Pie
nullinger nullointing nullour Sunullort
shelter
understood the consenullences of not
nullsappointednull nullncernednull nullsgustednull
appronullng this facility and nullde the
nullappreciate the support that all of the
nulles, absolutelynull nullt not for the sanull
correct decision for the townnull nullanullo to the
citinullns who chose to nullote for null for
Tax Benefits for Education
reasons as sonull others arenull
nulllectnullnnull
W. F. Boutin EA – Total Tax Solutions LLC
hool nullard ganull nulle to null on nullection
nullhe failed proposal for a new nullelhanull
ynull null nullngratulations to nulluce Anderson
nullgh nullhool has pronullted nullger pointing,
Barbara Coish nullnullndham
The IRS Tax Code allows for numerous tax advantages pertaining to
and Michelle Farrell for their nullctories on
insults, and accusationsnull nullorst, howenuller,
education mostly for post-secondary expenses. The advantages include:
nulluesdaynull nullhey should be ready for a year the taxability of educational assistance received by taxpayers or their
are the unfair accusations being nullde
of really difnullult worknull nullshall continue to
nullelnullm Good Neignullor
dependents in the form of scholarships, grants, fellowships, qualified
by a nullhool nullard nullnuller and others in
follownullttend the nullhool nullard nulletings
education reductions and employer provided education assistance. Tax
town that “not enough people in nullelhanull
nullnd Tnullnks Tnullir
and personally telenullse thenullfor cable
deductions such as the tuition and fees deduction and student loan
care about education,” or blanull those
when no other nullolunteer is anullailablenull
nullngest Sunullorter
interest deduction that are found in the adjustments section of the Form
who nulloted “no” on the new high school as
1040 and lower the AGI on the income tax return. However they are
nullwill especially be interested in
being “anti-education”null
ery person wnull ho sends a donation to subject to phase-out limitations for high income tax brackets. And last,
nullnitoring the issues of concern that null
nullhese self-proclainulld “pro-education”
the nullelhanullnullod nullighbor Fund receinulles
the business deduction for work related expenses that are taken on SCH
raised during the canullaignnull nullhere are
supporters were onuller 2,null0 strong on
a thank-you letternull nulle particular lady by
A as a miscellaneous deduction subject to 2% of the AGI. Tax credits
nullny issues that concern nullnullhowenuller,
nulluesdaynull nullen though they were unable
the nanull of nullrothy has been sending us
that are allowed by the tax code for education include the Hope Credit
sonull of these issues the nullhool nullard
and the Lifetime Learning Credit. Both are non-refundable credits that
to garner the renullired 60 percent for the
a check enullery nullnth for senulleral yearsnull null
nullpart fronulladnullnistratinulle directionnull
are subject to phase-out limitations.
bonds, they had the nulloting power behind
recently receinulled a handwritten note fronull
should address inullediately arenull
(Note: One of the provisions of the ARRA was “The American
thenullto pass enullery other school district
her the other day, along with her checknull
Opportunity Credit” available for tax years 2009 and 2010.
• aluate the nullst ynull ear of
warrant article, as well as the school
nulle thanked null for sending her the thank- It basically expanded and renamed the existing Hope Credit making it
kindergartennull
resource ofnullernull null should hanulle been a
you lettersnull nulle told null that she is null
available to a broader range of taxpayers; including many with higher
• aluate the nullst ynull ear at nullindhanull
slanulldunk across the board for education
years old and she will keep it up, which
incomes and those who have no tax liability. [Up to 40% of the amount
nullgh nullhool through the eyes of
that daynull null wasnnulltnull All stafnullg renullests
nullassunull nullans that she will continue to
of the credit for which you are eligible is refundable]. It also adds
students and parentsnull
that had a direct inullact on inullronullng
send us a check enullery nullnthnull nulle also
required course materials to the list of qualifying expenses and allows
• nullport to the group who
the credit to be claimed for four post-secondary education years instead
education for our students were nulloted
said to sanulle the stanulls, which nullassunull
nullestioned the laptop progranullnulls
of two. Many of those eligible will qualify for the maximum annual
downnull nullhe election results pronulled that the
nullans no nullre thank-you lettersnull
credit of $2,500 per student.)
was pronullsednullhow the progranullis
supporters of the new high school building
And so, nullrothy, this will be nully last The tax code provides for education savings programs in the form of
workingnull
ganulle greater support to bricks and nullrtar
thank-you letter to younull “null behalf of the Coverdell ESA plans and qualified tuition plans (also known as QTP’s or
• nullsure the facilities study innullolnulles
onuller teachersnull ynullnull
nullelhanullnullod nullighbor Fund nullnullittee,
Section 529 plans). Neither of these saving programs allow for a present
a nullalid study of enrollnullnt
nullpporting education is nullch nullre
nullwant to thank you for your continued
tax reduction in the form of deductions or pre-tax benefits. They do
pronullctionsnull
than building a new school and then
nullancial support onuller the yearsnull null is
allow the taxpayer to invest funds with earnings growing tax free.
• Monitor the progress of the punch
Distributions remain tax free for qualified expenses. The Education
thinking the responsibility ends therenull
people like you who help nullke our
list for the high schoolnull
Savings Bond program allows for qualified bonds to grow tax free and
nullhe support of education lies with the
conullitnullnt and dedication to the less-
nullhe electorate has loudly spoken
remain tax free when cashed in to pay for qualified education expenses.
continual, yearly support of the daily
fortunate people in nullelhanullall worthwhilenull
This program is subject to phase-out limits. Finally we have the
regarding budgetary issues by defeating
operation and needs of the entire school
nulle are into our nullst year of pronullding exception from penalties for the early withdrawal of Traditional IRA
the nullpital nullsernulle Fund and, once again,
districtnull nullhis is the second year in a row
nullancial assistance to the people in our
funds when used for qualified education expenses. Remember, the
ginullng the nullhool nullard a default budgetnull
that these sanull nulloters hanulle failed to pass
conullunitynull nullou, as well as nullny others,
penalty may be wavered, but the distribution will still be taxable. This
nullhe nulloters hanulle sent a clear nullssage to
anything directly related to inullronullng
hanulle nullde that possiblenull nulle thank you
transaction will raise the AGI, taxable income and possibly increase the
the nullhool nullard that nullindhanullis not
tax bracket in the year of distribution which can affect other areas of the
educationnull nullst year, they got a write-in
for hanullng the connullence in us as we
going to accept budgets that appear to
return.
candidate electednullut nothing elsenull
continue on our nullurney of helping our
be innulltednull nullhe decision that the nullard
Needless to say, we can not do justice to explain all of these programs
null, to all of you who nulloted “yes” for the
nullighbors null nullednull”
to their fullest potential in this short space; however we would like to
nullkes on nulldular classroonull at Middle
new high school, but “no” to other school
mention a few pertinent details.
hool will be the leading indicator as to null
nullrannullSullinullan, President,
district needs, when you point your nullger
The definition of the terms qualified expenses; eligible educational
how this board plans to handle the default
Good nullighbor nullund nullPelham
at those whonullyou accuse of “not caring
institution and eligible student, though used in most of the programs
budgetnull vary to some degree.
about education,” be sure to point that
nullcongratulate the nulloters who passed
The majority of these programs pertain to post-secondary education
nullger at yourselfnull
the article for the saltnullhed nullintenance
only. The Coverdell ESA and qualified tuition reductions provided by
some eligible educational institutions are also geared for primary and
Linda Mahoney nullPelham
building for the nullownnull nullhis article was
secondary education.
If you are already at an income level that would disallow your use of
the credits, deductions or programs that are subject to phase-out
limitations or feel that the possibility exists of being at that level in the
Eagle Scout nullonullct nullanned for Cemetery
future when your dependents are ready for this phase of their education,
then you should consider partaking in the savings programs such as the
Coverdell and QTP (529) plans.
by Barbara O’Brien constructing nulle enclosed trash bins on of the enclosures proposed in nullersonnulls
For further information on these various tax benefits/programs, please
nulle of null-year-old nullnulld nullersonnulls cenulltery groundsnull nullhe purpose of the pronullctnull
visit our website @ www.totaltxsolutions.com under Seminars - Tax
goals is to beconull an nullgle nulloutnullan bins is not only to nullke the area nullre nullerson said he plans to go the nully
Benefits for Education. Next Week: State of NH Tax Returns
achienullenullnt that less than two percent of attractinulle, but also to protect the bins fronull nullout nullgle nullard with his proposal on Have a tax question? E-mail taxquest@totaltxsolutions.com
those who enter nully nullouts enuller nullnage inclenullnt weathernull nullhis past winter, one April nulland, once appronullal is receinulled
to attainnull of the enullsting trash receptacles actually fronullthat entity, he plans to begin working
nullerson has been nullnullng up the ranks canulled in fronullthe weight of the heanull at the cenulltery shortly thereafternull null
of the nully nullouts of Anullrica for the past snownull has set a conullletion date of late August,
null years, since he nullst nullined nullindhanull According to nullerson, the cost of each nullerson told town ofnullialsnull
nullroop null66 as a sinullyear-old nullst-grader enclosure will be appronullnulltely null2null nulllectnulln appronulled nullersonnulls proposed
and becanull a nullbcatnull nullhese days, he with a rough estinullte of null2nullfor the total pronullct by a nullote of nullto 0null nulllectnulln
is a student at nulllenullnullgh nullhool and, pronullctnull Fundraising is included as a part nulllen nullearns was not in attendance at
currently, holds the rank of nullfe nulloutnull of the renullirenullnts for conducting an the March 8 nulletingnull nulloting in fanullor
null order to obtain the rank of nullgle nullgle nullout conullunity sernullce endeanullornull of the pronullct were nulllectnulln nulluce
nullout, nullerson nullst nullst conulllete an nullch of the nulle enclosures is slated to nulleton, nullger nullhenberger, nullarles
appronulled conullunity sernullce pronullctnull hanulle a shingled top and wood-stained McMahon, and nullss Mcnullodnull nulllectnulln
nulle of the nullst steps in that process is sidesnull nullhey will be nullentilated to nullintain thanked nullerson for his dedication to
to get the go-ahead fronulltown ofnullials, airnullw and help dinullnish inherent odorsnull scouting and for his proposed conullunity
so nullerson spoke with selectnulln during null response to a nullestion fronullselectnulln, sernullce pronullctnull nullerson will return to
their nullard nulleting on March 8null null said nullerson said there are nullarious options a selectnullnnulls nulleting with photos of
he had already discussed the idea with being considered to anchor the enclosures the trash enclosures, when his work is
nullindhanullnullnulltery nullrustees and gotten to the groundnull nulllectnulln said there is conullleted late nenull sunullernull
their appronullal for his proposed pronullctnull sufnullient nullney in the operating budget
nullersonnulls nullgle nullout pronullct innullolnulles to pronullde a new trash barrel for each
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