Another deduction designed to help students and former students is the tuition and fees deduction. This deduction is another deduction that is taken on the first page of a person’s federal income tax return.
This deduction allows a taxpayer to deduct the cost of tuition and related expenses that are paid for the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependents.
The down side to this deduction is that it cannot be used in conjunction with the education credits. While the education credits can result in a tax refund, the tuition and fees deduction just reduces the tax amount owed as low as possible. But no refund can be generated because of the tuition and fees deduction. If you are needing some help with your tax returns, contact our office at 816-524-4949 or visit our website at hoorfarlaw.com.
