Are you pursuing a higher education degree? Do you have a dependent on your tax return who is currently a full-time college student? You may be eligible for one of two educational credits when filing your tax return. The American Opportunity Credit is available for four years of college, for full-time students between ages 18-24 who are not self-supporting. The maximum tax credit per student is $2,500, which may include tuition, fees, and course material expenses. The Lifetime Learning Credit, meanwhile, is for part-time undergraduate, graduate, or certificate-level courses, as well as courses to acquire or improve job skills. Up to 20% of the first $10,000 of qualifying educational expenses may be claimed.
If you’re uncertain as to your eligibility for either of these educational credits, don’t hesitate to get in touch with Taxation Solutions, Inc. In and around San Antonio, we’re your source for skilled and knowledgeable tax help. We can assist you in determining your credit amount and in filing the correct paperwork, so you can avoid any issues with the IRS when tax time rolls around. We can also help with all sorts of other tax services. Breathe a little easier when completing your tax return by contacting us today to discuss your tax help needs!