Education and income taxes

Discussion in 'Off-Topic Discussions' started by Kizmet, Feb 16, 2013.

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  1. Kizmet

    Kizmet Moderator

    Just something to keep in mind,

    "The Internal Revenue Code offers many tax-saving options for individuals who want to further their education. The tuition and fees deduction can help you take up to $4,000 off your taxable income and is available without having to itemize.

    The lifetime learning credit could provide some students (or their parents) up to a $2,000 credit.

    Don't forget the American opportunity tax credit, which offers a dollar-for-dollar tax break of up to $2,500. This education tax break was created as part of the 2009 stimulus package as a short-term replacement for the Hope tax credit, and was extended through tax year 2017 as part of the American Taxpayer Relief Act of 2012, also known as the "fiscal cliff" tax bill."
    (from yahoo.com)
     

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