Dawn Saha: No, the educational credits cannot be used to offset self-employment taxes. They can only be used to offset income taxes.Only the refundable credits such as the Earned Income Credit, Additional Child Tax Credit, or Recovery Rebate Credit can be used to offset self-employment taxes.
Pasquale Pollet: Some credits are applied to your income tax liability only. Self employment taxes are added on after the credit is taken. Education credits are an example of one of those.
Raven Purl: If your modified adjusted gross income is more than $58,000 (if you are single), you will not be able to claim the Lifetime Learning Credit. You can learn more here: http://www.hrblock.com/taxes/tax_tips/deductions_c...
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