Re: NWCULAW IS NO GOOD

More | Report Post

The following was copied from the Taft website. If you disagree why not simply notify NWCU and I'm sure that
they'll make Taft take in down. Or notify Taft and point out where they are wrong

"As a result of legislation passed in Congress and signed by the President in 2006, Taft Law School students may
now be entitled to special income tax benefits. No unaccredited college or university can provide these special
benefits to its students.

The Taft University System filed an application with the Department of Education on the effective date of
the new law and was approved late in 2006. The law requires that an institution be accredited by an accrediting
body recognized by the Department of Education such as DETC and meet certain other requirements before it can be
approved.

The approval means that students may qualify for a Lifetime Learning Credit on their federal income tax
return equal to 20% of their qualified education expenses. As an example, if a student paid $7,000 in tuition,
this could reduce the student’s tax liability (or increase their tax refund) by as much as $1,400 per year for
each year of their enrollment. For most taxpayers, they can claim the full credit if their adjusted gross income
on a joint return is less than $96,000 ($48,000 if they file a single return).

Some education expenses may also qualify as a business deduction for work-related education pursuant to
Section 162 of the Internal Revenue Code. However, an education which qualifies an individual for a new trade or
business will not be deductible under Section 162. This means that, notwithstanding the incorrect information
posted on the websites of certain other distance learning law schools, tuition paid for any law school program
which qualifies a graduate for any bar examination will NEVER be deductible under Section 162. This is true even
if the student never intends to take a bar examination or practice law. (Law school tuition is however eligible
for the special tax credits/deductions noted above.)

It is recommended that applicants consult with their tax advisor or read IRS Publication 970 (Tax Benefits
for Education) to determine how these credits or deductions might benefit them individually.

There is no charge for the preparation of the IRS Form 1098-T which is necessary to claim the tax credits or
deductions."

On 4/21/09, Linda wrote:
> The school must be accredited (as defined by the federal govenment) for students to receive the lifetime
> learning credit. When it comes to distance law schools, only Concord and Taft qualify. Again, please don't
> just trust me, do your own research. I assume your school offers training in legal research.
>
> On 4/21/09, Taxboy wrote:
>> A tidbit, the "lifetime learning credit" may be used for many education expenses, check it out, I'm not a
>> cpa, just a tax law enthusiast.
>>
>>
>>