Parents and Students – Phoenix Tax Consultants

Parents and Students

Now is a good time to see if you qualify for either of two college education tax credits or any of several other education-related tax benefits.

In general, the American opportunity tax credit, lifetime learning credit, and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student.  Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer.

Though a taxpayer often qualifies for more than one of these benefits,  he or she can only claim one of them for a particular student in a particular year.  The benefits are available to all taxpayers — both those who itemize their deductions, and those who claim a standard deduction.

Another reason you need The Tax Tacklers to help you tackle your taxes and score you a refund.

 Find the full article at IRS.Gov

 

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