If you’re paying for college or other higher education courses, you know what a big drain extensive schooling can be on your finances. Luckily, the IRS has several education credits you can take advantage of that will ease your burden when tax time rolls around.
The American Opportunity Credit is available for four years of college and allows you to claim up to $2,500 per student. Eligible students must be between ages 18-24, attending full time, and not self-supporting.
The Lifetime Learning Credit, meanwhile, covers up to 20% of the first $10,000 in educational expenses for undergraduate, graduate, or certificate coursework. Students must be at least part-time, or attending to acquire or improve job skills.
Unlike tax deductions, tax credits are subtracted from the actual tax balance you owe. That means that claiming educational credits can make a big difference in your annual tax payments. In order to ensure that you’re making the most of the educational tax credits available to you, get in touch with Taxation Solutions, Inc. right away. We’re Milwaukee’s best source for tax help. Our experienced and knowledgeable team will take a good look at your financial situation in order to recommend your best path forward.
Call or e-mail us today to book your appointment!