Every parent with a kid in or about to enroll in college knows that the cost of higher education keeps going, well, higher. That’s why so many take advantage of the many education tax breaks found in the Internal Revenue Code.
There are 529 plans and Coverdell savings accounts and the American Opportunity and Lifetime Learning tax credits and some deductions for tuition and fees and student loan interest that you don’t have to itemize to claim. And more. The IRS even offers online help in filling out student financial aid applications.
Of course all the tax breaks have eligibility requirements and rules on how you can and can’t combine them. But it’s definitely worth doing your educational tax benefits homework to see if you can get some help in paying those ever increasing school costs.
JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.