It’s a great time to get an education about the tax credits, deductions, and savings plans that are available to help you, your spouse, or dependent heading back to school this fall! The IRS Tax Benefits for Education: Information Center can help determine which of these is the best choice for you:
- Tax credits can reduce the amount owed on your tax return if you are paying for higher education at an eligible school
- Tax deductions come in several varieties and allow you to deduct for certain educational expenses paid during the year
- Qualified Tuition Plans allow you to save for education ahead of time without being taxed on distributions
Being a student can mean great things come tax time! If you have questions on making the most of educational tax savings, please let me know.