Category: Credits

What is the Student Loan Tax Deduction?

student tax credits

The student loan tax deduction is your chance to get $2,500 off your interest payments. This is the maximum amount that is tax deductible. There are strict limits involved with whether you can claim this credit, though, so you need to be aware of that.

For example, if you earn more than $135,000 as a … Read the rest

What is the Earned Income Credit (EIC) and How to Qualify

The Earned Income Tax Credit, also known as the EIC and EITC, is a tax credit for individuals who only make an annual income that is considered low or moderate. Your filing status and your income determine the amount of the credit.

If you are able to qualify for the credit your federal taxes will Read the rest

Lifetime Learning Tax Credit – Expenses That Qualify

The Lifetime Learning Credit is for those who attend college classes. It allows them to get a 20% tuition expenses credit with a phase out limit of $2,000 in tax credits on their first $10,000 of lifetime learning credittuition expenses.

This credit is for you, your spouse, or your dependents that are in an eligible school and … Read the rest

Educational Tax Deductions and Credits

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 education tax deduction credityou with the costs of your education.

One of the tax credits is the American Opportunity Credit and another is the Lifetime … Read the rest

Student Tax Credits to Take Advantage of

If you or someone you claim on your tax return is going to college this fall, some of your costs could save you money when tax season kicks off. You may be eligible for a tax credit on your federal tax return. Therefore, today we are providing you with tax credits and tips for back … Read the rest