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Published on Tuesday, Sep 23, 2008
An often-overlooked way to lower your tax bill is through the Education Tax Credit, which helps curb college costs through two primary tax credits based on qualified education expenses.
The Hope Credit is a tax credit of up to $1,800 per student for each of the first two years of college or vocational school.
The Lifetime Learning Credit offers up to $2,000 per tax return for undergraduate, graduate and professional degree courses, with no limit on number of qualifying years.
You might also be able to deduct up to $2,500 of student loan interest from your income per tax return.
Note: You cannot claim the Hope Credit and the Lifetime Learning Credit for the same student in the same tax year. Choose the credit that provides the greater benefit.
You can, however, take one of the tax credits and the student loan interest deduction.
Check out IRS Publication 970, Tax Benefits for Education, at http://www.irs.gov or by calling 800-829-3676.
An often-overlooked way to lower your tax bill is through the Education Tax Credit, which helps curb college costs through two primary tax credits based on qualified education expenses.
Get the full article here.
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