Re: NWCULAW IS NO GOOD

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obviously you haven't gotten into summarizing and how to brief at your precious DETC school. well at least you'll
get a tax break. I am sure you fall into 14% that pass, if not I ll buy you a nice shirt that says:

"I paid to much for law school and all I got was this stupid shirt and a tax break"

On 4/21/09, Laurence wrote:
> 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&37; 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.
>>>
>>>
>>>