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Big tax breaks Taxes—ugh! It’s a dirty word that no one likes thinking about. But they can have an upside, especially for you. Did you know there are some sweet tax breaks for education-related expenses? It’s true. Check it out. Tuition can really pay off You or your parents may be eligible for a deep tax cut with the American Opportunity Credit (which has replaced the Hope Credit) or the Lifetime Learning Credit. (Go here to learn about the differences between these two education tax credits.) And even if you don’t qualify, you may be able to deduct your tuition on your tax return. Learn more here. What’s a qualified expense? Tuition and other mandatory enrollment fees, like those student activity fees, are considered qualified expenses. Click here to see a full list and if you’re eligible to deduct these expenses. On the job learning Taking a class for your job? You may be able to deduct the tuition and other expenses for work-related education. Go here for more information. A point of ‘interest’ If you paid any interest on qualified student loans last year, you may be eligible for a tax break. Find out here. Now that you’re armed with this information, get started on your taxes and take advantage of these big breaks!
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