🎓 Ask the ‘Stache: This college credit understood the assignment

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Also this week: the shelf life of tax debt, and your quarterly tax stash.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

In partnership with ​ Good morning! Every Saturday, we open the mailbag, pour some strong coffee, and tackle the tax questions keeping America awake at 2 a.m. Here are this week’s topics: 🎓 Your college freshman qualifies for two tax credits. Not a bad problem to have – until it’s time to pick one. ⏰ Some things can be ignored for ten years. Cleaning the attic. Deleting 14,000 unread emails. But paying your tax debt? Not so much. 💸 Freelancing gives you freedom, flexibility, and the thrill of calculating your quarterly estimated taxes. Money Moves 🎓 Your kid gets a higher education. You get a tax break. Photo by MD Duran on Unsplash ❝   My daughter started college this fall. Which education credit gives us the bigger benefit? College is expensive. Groundbreaking news, we know, but at least the American Opportunity Tax Credit (AOTC) takes some of the sting out of it. For most college freshmen, it offers the most bang for your buck. Why the AOTC wins The AOTC is worth up to $2,500 per eligible student. You’ll only need to spend $4,000 in qualified expenses to get the full credit. Tuition, enrollment fees, and course materials count toward qualified expenses (even course materials that aren’t purchased from the school). Up to $1,000 is refundable, so you could get money back on your tax return. You’re dealing with the IRS, so of course there’s the fine print. Apparently, “I pay a huge tuition bill” isn’t quite enough to qualify. Your daughter must be pursuing a degree or other recognized credential and enrolled at least half-time for at least one academic period (think: a semester). The AOTC is also limited to four tax years, and income limits apply. ➡️ Find out how big your AOTC credit could be What about the Lifetime Learning Credit? The Lifetime Learning Credit (LLC) is the more flexible option, but it comes with a smaller payoff. It’s worth up to $2,000 per tax return, and you’ll need $10,000 in qualified expenses to max it out. And because it’s nonrefundable, it can wipe out a tax bill, but it won’t put extra cash in your pocket. Not exactly an even fight, but the LLC is a solid contender. The LLC does have flexibility in its corner. There are no four-year limits or half-time requirements, and it can even cover courses taken to acquire or improve job skills. So, if the AOTC is off the table, the LLC is a solid Plan B. But for most college freshmen, the AOTC takes this round. You can get a bigger credit with less spending, and a portion is refundable. Not sure if your daughter qualifies? The IRS has an interactive tool that can help you figure it out. ⚙️ THE TAXSTACHE TOOLKIT Use our free AOTC Calculator to find out how much you could get back. ➡️ Calculate your credit PRESENTED BY SHORTFORM Make Your Screen Time More Productive Instead of wasting hours on mindless content, spend 10 minutes learning something that can actually improve your life. Shortform distills the key ideas from the world’s best nonfiction books, articles, and podcasts into concise, actionable summaries. Turn 10 minutes a day into a smarter, more capable you. Get 49% OFF Tax Strategies ⏰ Even the IRS has a deadline Photo by Malvestida on Unsplash ❝   I owe back taxes from a few years ago. Does the IRS eventually just give up collecting, or does the debt follow me forever? Usually, neither. The IRS generally has 10 years to collect a tax debt. But don’t circle a date on your calendar yet. As with most things tax-related, this gets a little complicated. The IRS gets 10 years. Usually. The 10-year clock starts when the IRS assesses the tax, not when the tax return was due. This deadline is called the Collection Statute Expiration Date (CSED), and it applies to taxes owed plus penalties and interest. Image courtesy of the Internal Revenue Service Your CSED is on your IRS account transcript. Just find the three-digit transaction code with the date below it – that’s your CSED. So, the good news is that the IRS doesn’t keep you in the dark. The bad news is that this date isn’t set in stone. More on that later. Didn’t file? That’s a different story. If you never filed a return at all, it gets even worse: there’s generally no time limit for the IRS to assess taxes. The IRS can even file a Substitute for Return (SFR) using the information it already has, like your 1099s and W-2s. But don’t think you bypassed filing and scored free tax prep. An SFR leaves out deductions, credits, and other tax breaks you could’ve claimed yourself. And once the tax is assessed, the 10-year clock starts ticking. ➡️ Find out exactly when your tax debt expires And yes, the clock can stop Bankruptcy, an offer in compromise, certain installment agreement requests and appeals, collection due process hearings, extended time outside of the U.S., and some military service can all suspend the countdown. In some cases, the CSED can even be extended. Waiting it out sounds easy enough, but 10 years gives the IRS plenty of time to collect through liens, levies, and garnishments. So, yes, there’s an end date, but making it there without paying your back taxes is another story. ⚙️ THE TAXSTACHE TOOLKIT Use the CSED Estimator tool to find out exactly how long the IRS has to collect. ➡️ Calculate your CSED date Photo by Unseen Studio on Unsplash Every Thursday, we go to work. The TaxStache Business Edition breaks down the tax and finance topics that actually matter to business owners, from quick intros to in-depth dives. Plus book, podcast, and video recs to keep you sharp, and a weekly download you can put to use right away. If you own a business (or you’re building one), this one’s for you. Would you like to receive our Thursday Business Edition? Yes! Count me in. No thanks. Businesses & Gigs 💸 Freelancing is flexible. Taxes are not. Photo by Alfonso Scarpa on Unsplash ❝   I started freelancing this year. How do I figure out how much to set aside for quarterly estimated taxes? Unfortunately, there’s no magic percentage that applies to every freelancer. But you can still get a pretty good estimate without consulting a crystal ball. Wait, I have to pay how often? Not every freelancer has to pay quarterly estimated taxes, but you’ll usually have to if you expect to owe the IRS $1,000 or more when you file.  These payments are made four times a year and cover the self-employment and income taxes that your employer would normally withhold from your paycheck. Skip paying or pay too little, and the IRS could add an underpayment penalty plus interest to your bill. Know what you’ll owe Freelancing means you get to be your own boss, but it also means you pick up the employer’s share of Social Security and Medicare.  The self-employment tax rate is 15.3%  12.4% goes to Social Security  2.9% goes to Medicare Self-employment tax generally applies to 92.35% of your net self-employment earnings.  There’s also income tax, which depends on your overall tax situation.  ➡️ Find out exactly how much you should set aside But back to the main question: how much should you actually stash away? The IRS won’t give you a straight answer, but 25% to 30% of your freelance income is a good starting point. Your number may look different based on your profits, filing status, deductions, other income sources, and tax credits. Want to get more precise? Use IRS Form 1040-ES. Plug your expected income, deductions, taxes, and credits into the worksheet to estimate what you need to pay. If you’re mailing a check, the form includes payment vouchers. Or skip the post office and pay electronically. So, the answer is: it depends. Don’t just pick a percentage, cross your fingers, and hope for the best. Grab Form 1040-ES, channel your inner accountant, crunch the numbers, and adjust if your situation changes.  ⚙️ THE TAXSTACHE TOOLKIT Use the Freelancer Set-Aside Estimator to calculate exactly how much money you should save for taxes, and exactly how much to pay each quarter. ➡️ Estimate your set-aside amount ALSO PRESENTED BY TAXQUOTES Owe Back Taxes? You Have Options Missed a quarterly payment or two and now the IRS bill is bigger than expected? TaxQuotes helps people who owe back taxes figure out what’s actually possible based on their income and situation, and can help stop wage garnishments, liens, and levies along the way. The process is handled from start to finish, so nothing gets overlooked. ➡️ See what you qualify for Follow us for even more great tips, tricks, and deadline reminders. Facebook | Instagram | LinkedIn