Tax Break for College Students

college students

College students are always looking to save money in any way they can, especially when it comes to taxes. Fortunately for them, Uncle Sam gives them two potential credits, the American Opportunity Credit and the Lifetime Learning Credit, in order to help manage sometimes outrageous tuition and educational expenses. Most often these credits are based on the amount shown on your Form 1098-T, however, it was recently found that these credits are based on the amount you paid during the year, not what was billed. Make sure you keep track of all tuition and required course materials you purchased and paid for during the tax year in order to get the full credit you deserve. If you need help with your taxes, contact our office at 816-524-4949 or check out our website at Hoorfarlaw.com.

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