Paying for higher or continuing education can take a chunk out of your bank account or monthly budget. Luckily, the IRS offers two tax credits related to educational expenses. Take advantage of these tax credits to reduce your tax liability dollar for dollar.
- American Opportunity Credit: Available for four years of college, with a maximum credit of $2,500 per student. Students must be between ages 18-24, attending courses full time, and not self-supporting.
- Lifetime Learning Credit: Covers up to 20% of the first $10,000 of qualifying educational expenses for undergraduate, graduate, and certificate-level courses. Students must be attending at least part time. (There is an exception for courses aimed at acquiring or improving job skills; for these courses there is no time requirement.)
Taxation Solutions, Inc. can help you determine your eligibility for these educational tax credits. We’ll strive to make the most of your tax return while also keeping you in compliance with the IRS. As the Austin area’s experienced and knowledgeable choice for tax help, we take great pride in the work we do. We understand how important your education is to you, and also that you want to take full advantage of the credits the government offers to ease your tax burden. We’ll provide you with the information and tax services you need to claim these tax credits on your next return.
Book your initial consultation with us by calling or e-mailing today!