Meanwhile, the Lifetime Learning tax credit offers additional educational tax breaks even beyond traditional college. A 20% credit on up to $10,000 in eligible expenses every year is available to taxpayers making less than $59,000 if they're single or $118,000 if they're filing jointly, with reduced credits available up to $69,000 in income for singles and $138,000 for joint filers. This credit is available for graduate school, vocational training, and certain other nontraditional educational expenses.
The mortgage interest deduction allows homeowners to deduct interest on up to $750,000 of mortgage debt, with higher grandfathered deductions on up to $1 million in debt applying to those who had such mortgages outstanding before the beginning of 2018. Certain home equity loans used to purchase, build, or improve your home also qualify for the interest deduction.
While basic accounting functions can be handled by a bookkeeper, advanced accounting is typically handled by qualified accountants who possess designations such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA) in the United States. In Canada, the three legacy designations—the Chartered Accountant (CA), Certified General Accountant (CGA), and Certified Management Accountant (CMA)—have been unified under the Chartered Professional Accountant (CPA) designation.