{"id":243,"date":"2014-01-31T14:12:52","date_gmt":"2014-01-31T20:12:52","guid":{"rendered":"http:\/\/dansguitarstudio.com\/dansblog\/?p=243"},"modified":"2014-03-27T16:29:14","modified_gmt":"2014-03-27T21:29:14","slug":"music-lessons-qualify-for-minnesota-k-12-education-tax-subtractioncredit","status":"publish","type":"post","link":"http:\/\/dansguitarstudio.com\/dansblog\/music-lessons-qualify-for-minnesota-k-12-education-tax-subtractioncredit\/","title":{"rendered":"Music Lessons Qualify for Minnesota K-12 Education Tax Subtraction\/Credit"},"content":{"rendered":"

\"Ornament-Money-Origami-Guitar\"<\/a>This is probably the most boring topic I have written about here, but it’s certainly of interest to you if you have paid for music lessons (or other educational expenses) for a K-12 child in Minnesota in 2013. Did you know that there is both a K-12 Education Tax\u00a0Subtraction <\/em>as well as a K-12 Education Tax\u00a0Credit<\/em>? Here is a link to all the details<\/a>. Below is are some bullet points that relate to guitar lessons at Dan’s Guitar Studio:<\/p>\n

Minnesota has two programs: K-12 Education Tax\u00a0Subtraction <\/em>& K-12 Education Tax\u00a0Credit<\/em>. Both programs can lower your taxes and may increase your refund.<\/p>\n

You must have documentation of your expenses. (Students at Dan’s Guitar Studio have been provided with their 2013 transaction history)<\/p>\n

You can’t use the same expense for both the subtraction and the credit.<\/p>\n

Everyone who purchased music lessons for their K-12 child qualifies for the subtraction.<\/p>\n

The subtraction will reduce your tax liability by 5.35-9.85% of the music lessons expense, depending on your 2013 MN tax bracket. For example, if you are married filing jointly and made $35,481-$140,960 (7.05% MN income tax rate) in 2013, and paid $1000 for music lessons in 2013, your tax liability would be reduced by $70.50 ($1000 x .0705).<\/em> This is assuming you have not already maxed out your K-12 education subtraction with expenses such as school supplies, transportation, etc. See limits below.<\/p>\n

For the credit, you must meet certain income and filing requirements and the amount of the credit will vary depending on other tax credits you may have claimed.<\/p>\n

To be eligible, your child must have been in grades K-12 during the year and must have attended public or private school.<\/p>\n

Instructor must be qualified. (Dan qualifies by having a B.A. in Music)<\/p>\n

Education expense must be claimed for the year that it was paid for.<\/p>\n

The subtraction limit is $1625\/child for K-6 children, $2500\/child for 7-12 children.<\/p>\n

If you qualify for the credit, it is to your advantage to take the maximum credit allowed before taking the subtraction.<\/p>\n

You may have to refer to the program details<\/a>\u00a0or a tax professional for further information pertaining to your specific situation.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is probably the most boring topic I have written about here, but it’s certainly of interest to you if you have paid for music lessons (or other educational expenses) for a K-12 child in Minnesota in 2013. Did you … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":249,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/posts\/243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/comments?post=243"}],"version-history":[{"count":14,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/posts\/243\/revisions"}],"predecessor-version":[{"id":259,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/posts\/243\/revisions\/259"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/media\/249"}],"wp:attachment":[{"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/media?parent=243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/categories?post=243"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/dansguitarstudio.com\/dansblog\/wp-json\/wp\/v2\/tags?post=243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}