Did you know that you can receive tax credits for continuing education? The Lifetime Learning Credit is available to taxpayers who attend at least one course throughout the year at an institution that is eligible to participate in the federal student aid program.
Who Can Qualify?
The great thing about the Lifetime Learning Credit is that it is available to any taxpayer who attends a course. The student claiming the credit does not have to be enrolled in an undergraduate, graduate, or certificate program. It can be any course of study at an institution that helps to acquire or improve job skills.
What Does It Cover?
The Lifetime Learning Credit will cover the cost of tuition and fees. It will also cover the cost of books and supplies that are required to be purchased through the institution. There are, however, limits to this credit: The maximum benefit a taxpayer can take for this tax deduction is $2000.
If you’re interested in learning more about the Lifetime Learning Credit or are uncertain whether your course of study qualifies you for this credit, get in touch with the tax help pros at Taxation Solutions, Inc. We’re here to ensure that your tax problems quickly become a thing of the past!