The American Opportunity tax credit created last year can qualify you for up to $2,500 in credits on your tax return for the first four years of post-secondary education.  Also, qualified expenses now include course materials for the American Opportunity tax credit besides tuition and fees.  The lifetime learning credit is available for students after the first four years of post-secondary education, but is not as generous.  Income phase-outs are applicable to both credits.  For more information to see if you qualify please contact Steve Pearson, Certified Public Accountant at 858-695-1040.

The Patient Protection Act provides tax credits for small business for providing health care for their employees.  Small business is defined as businesses with 25 or fewer employees and average earnings of less than $50,000.   These small businesses are eligible for a credit of up to 50% of nonelective contributions the business makes on behalf of its employees for insurance premiums.  Small businesses in Mira Mesa, Scripps Ranch, Rancho Bernardo, Rancho Penasquits, 4S Ranch can qualify.  If you have any questions on this or other income tax or accounting issues contact Steve Pearson, Certified Public Accountant at 858-695-1040.

Steve Pearson
Certified Public Accountant

Homeowners can get a income tax credit now for home purchases in 2010.  For more information on this credit please call Steve Pearson, CPA at 858-695-1040.

Steve Pearson
Certified Public Accountant