TAX BENEFITS FOR EDUCATION
23Oct
Given the high cost of higher education these days, students have to be as informed as possible about the various ways to pay for their college degrees. Taking advantage of the tax benefits for education is one great way students can lessen that financial burden.
These tax benefits fall into one of two categories - tax credits or tax deductions. Tax credits reduce the amount of income tax you have to pay on a dollar by dollar basis. On the other hand, tax deductions reduce the amount of income that is subject to tax.
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1. The American Opportunity Credit.
The maximum ... [more..]
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