Tax Credits Help With Higher Education


Are you footing the costs of higher education for yourself or your family? Let your Uncle Sam lend a hand with some tax credits.

Two tax credits, the American opportunity credit and the lifetime learning credit, can help students and their parents defray education expenses. As the names indicate, these educational assistance options are credits rather than deductions, so they take a bigger bite out of your tax bill.

A deduction reduces your taxable income, which can, but is not guaranteed to, reduce your final tax bill. A credit, however, is subtracted directly from the final tax you owe. American opportunity credit

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