The IRS offers several tax credits related to higher education expenses. Investigating these credits can help you reduce your tax liability.
- The American Opportunity Credit is available to full-time undergraduate college students between the ages of 18 and 24, who are not self-supporting. The maximum credit is $2,500 and can comprise tuition, fees, and course material expenses.
- The Lifetime Learning Credit, meanwhile, is open to students of undergraduate, graduate, or certificate-level courses who are studying at least part-time. This credit covers up to 20% of the first $10,000 of qualifying educational expenses.
Want to learn more about whether you’re eligible for either of these educational credits? Contact Pro Tax Resolution today!
We’re an experienced tax help firm serving the greater Virginia Beach area. We can assist you in taking advantage of all of the tax credits available to you, including credits for higher education. Whether you’re paying for a child’s education or your own, there are ways to benefit on your tax return, and we’re the tax company to trust for help in making the most of your situation. We care about customer service and quality workmanship, and that means treating your case with consideration and care.
Give us a call now to get answers to your questions.