The cost of education is always rising. However, if you are someone who wants to grow your knowledge base you will be happy to know that education tax deductions and credits can help you with the costs of your education.
Tax deductions make it so you can decrease your taxable income amount. They are calculated by using a percentage of your marginal tax bracket. For example, let’s say you fall in the 25% tax bracket, if you received $1000 in tax deductions you would be saving $250 in tax (0.25 x $1000-$250).
Since tax … Read the rest