Blog

EDUCATION CREDITS VS. TUITION DEDUCTIONS

As summertime begins, many families are grappling with saving for a student beginning or continuing college come the fall. College education, whether for a child, yourself, or a spouse is a major investment. Knowing if your college-age child is still a dependent, what scholarships are taxable, and which tax credits are available is confusing.
Here's some guidance:
There are two federal tax credits available to help individuals offset the costs of higher education for themselves or their dependents. They are the American Opportunity Credit and the Life Time Learning Credit.

9 Ways Your Children Can Save You On Your Taxes!

If you have both a job and young kids, you probably also have summer camp expenses. Summer camp is not cheap! SummerCamp.org estimates that a "full-season" (7 to 9 week) session will set parents back on average $3,500 to $11,000 per child.

On the bright side, some of your summer camp costs and other expenses that come along with childcare and children in general may allow you to qualify for a tax credit. Here are 8 facts you should know about deductions and credits available for parents that can help lower your tax burden.

Pages

Subscribe to RSS - blogs