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I am a homeschooling mother and Certified Public Accountant (CPA) combining my experience and knowledge to help homeschool organizations such as co-ops, support groups, music and sports programs. HomeschoolCPA answers questions from homeschool leaders on many topics such as nonprofit status, liability, paying teachers, tax exempt status and taxes.
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8:11 AM, Apr. 8, 2008
Would you like a tax credit for homeschooling?
(view similar articles on Personal Finance and Taxes)
There is a bill in Congress HR 1056: Family Education Freedom Act of 2007 that would give every parent up to a $5,000 tax credit for educational expenses. Sounds good, huh? Well...if it sounds to good to be true, it just might be... .
Rep Ron Paul introduces something like this every year. Check out the status of the bill here. It never got out of committee.
As Home Education Magazine commentator Valerie B Moon states, the bill may not be all that great:
This bill may look good on the surface, but the kicker is, “Amends the Internal Revenue Code.” To receive such a credit in this manner, a family would have to meet the requirements of the IRS who would then be in the business of writing rules saying that A, B and C are acceptable practices for receiving a credit, but that X, Y and Z are not.
H.R. 1056 — Full text
`(e) Regulations- The Secretary shall prescribe regulations to carry out this section, including regulations providing for claiming the credit under this section on Form 1040EZ.’
As a CPA, I know there is very little likelihood of this bill passing. $5,000 tax credit to every family would bankrupt the country. Most families don't even owe $5,000 in federal income tax after the deductions and Child Tax Credits. And do we really want the level of intrusion a bill like this would bring? As a tax preparer, I already have to ask too many personal question to prepare my clients' tax return. I don't want that happening to families too.
Nothing is free, folks. As my college econ prof taught me, "There's no such thing as a free lunch." That $5,000 education tax credit would come with some price tag. What would you be willing to give up instead?
Just my opinion. What do you think?
Carol
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I have often wondered why a family where the mom works gets a child care credit and a family where the mom has given up a paying career to care for her own children does not get any kind of credit for that.
I agree when it comes to "education" that any money given back from the government is likely to come with strings attached.
I do think that is would be only fair that if public school, and private school teachers get a credit on their taxes for supplies they purchase that home school parents should be allowed the same credit. But I must say that I am even skeptical that that would not come with out strings .
Posted by Anonymous on Apr. 15, 2008 at 10:35 AM
I appreciate that someone wants to help homeschoolers for once, but if it come with certain rules, then what is the point of homeschooling.
If we receive money from the government...they will expect to regulate it...it just goes with the territory.
We consider the expenses of homeschooling as an investment. There are tons of free resources out there like www.booksamaritan.com It is possible to homeschool on a budget if you are willing to do the research.
I am a former public/private school teacher and can tell you that homeschooling is one of the best things a parent can do for their child. As parents of 5, we understand the tight budget. It would be nice to have a little extra...but only if it comes without strings.
Posted by Jennifer on Apr. 15, 2008 at 12:16 PM
I still have a problem with paying my local school and college taxes while at the same time buying homeschool curricula for our children. I beleive we should be afforded the opt out of school taxes if we homeschool.
Posted by Anonymous on Apr. 15, 2008 at 1:47 PM
I absolutely agree that you NEVER get something for nothing, especially where the government is concerned. Those of us who homeschool should be very careful about opening ourselves up to ANY form of government intrusion. It is part of who we are, that we are aware that all things are not equal, and some things are not for sale. God bless the homeschoolers of this nation, and their efforts to raise happy, productive children.
Posted by Anonymous on Apr. 15, 2008 at 4:30 PM
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