Eligible taxpayers who pay college expenses for themselves, their spouses, or their dependents may be able to take advantage of two 2022 education tax credits. Both the American Opportunity Tax Credit and the Lifetime Learning Credit can help offset the cost of a college education by reducing the amount of taxes owed. In this post,…
Do student loans affect my tax returns? It depends. If you are still in school and receiving money from student loans, you should not consider that income, since you are obligated to pay it back. If you have graduated and are making payments on your student loans, then your student loans may affect your tax…
The mess of education-related tax breaks available to taxpayers will become a bit easier to navigate in the coming years if the Consolidated Appropriations Act of 2021 is signed into law. The year-end act, which provides for regular government funding, coronavirus-related relief, and various other congressional priorities, would clean up a temporary education-related tax break that has caused confusion…
