There’s a good reason why people love tax credits. Unlike tax deductions, which lower your taxable income, tax credits lower your tax bill dollar for dollar. However, not every tax credit is the same. There are two different categories – nonrefundable and refundable.
College can be expensive, but the IRS offers a number of tax benefits for college students to make higher education more affordable for more Americans. Whether you’re a parent of a college student or paying your own way through school, here are 10 important things to know about college and taxes:
With so many tax-favored plans, credits, and deductions, education tax benefits can seem complicated. Where do you start? If the number of available education tax benefits is any indication, the government has taken interest in promoting higher education and making it easier for more people to attain it. Sorting out all the different benefits can […]
Start your tax planning early! As a busy college student, it’s easy to put off thinking about taxes until it’s time to file. That could cost you, however. You can only do so much about lowering your tax bill when you’re preparing your return. To make sure you’re not paying more tax than you should, be […]
Other than buying a home, a college education is one of the biggest investments Americans typically make. College costs are continually on the rise making student loan debt at an all time high to $870 Billion. The average student is more than $27,000 in debt. Fortunately, you may be able to cut your college costs […]