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Take advantage of tax breaks for education expenses from "summary" of The Tax and Legal Playbook by Mark J. Kohler
When it comes to education expenses, there are several tax breaks that can help you save money. One of the most common tax breaks is the American Opportunity Credit, which can provide a credit of up to $2,500 per student for expenses such as tuition, books, and supplies. This credit is available for the first four years of post-secondary education. Another tax break to consider is the Lifetime Learning Credit, which can provide a credit of up to $2,000 per tax return for any level of post-secondary education. This credit is not limited to the first four years of education, making it a valuable option for lifelong learners. In addition to credits, there are also tax deductions available for education expenses. For example, the Tuition and Fees deduction ...
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