There are two tax tips you should know about sending your children off to college:
- The American Opportunity Credit allows a tax credit of up to $2,500 per year per eligible student. This credit can be claimed for up to the first four (4) years of college. This credit also offers a maximum $1,000 refund.
- The Lifetime Learning Credit is worth up to $2,000 off of your taxes per year. There is no limit as to the number of years you can claim this credit. However, this credit does not offer a refund.
If you believe you made a mistake on a past tax return or need to file a tax return and would like some assistance, feel free to set up a consultation with our office by contacting us at 816-524-4949 or www.hoorfarlaw.com.