ValuED News Roundup keeps you updated with the latest must-read higher education stories from around the web.
Spring semester brings with it two major perennial events: the ever-popular spring break and the not-so-popular tax filing deadline. If you haven’t yet filed your taxes this year, you may have to spend your spring break doing so. Here’s some good news, though: several currently available tax credits and tax deductions for students can save you a significant amount of money. A study by the National Center for Education Statistics found that the average tax savings for students ranged between $600 and $1000 in previous years. And the savings are widely available—the New America Foundation found that in 2011, education tax credits and deductions resulted in $20.3 billion in savings for Americans. Are you aware of the student tax credits available to you? Here’s some vital news and advice students filing taxes need to know:
Adults Returning to School Can Find Help in the Tax Code
Those continuing their education, whether enrolled in a degree program or just one course, can take advantage of tax credits and deductions.
[The New York Times]
Student Loan Interest Tax Deduction Eligibility May Be Broader Than You Think
Despite common misconceptions, you might still be able to deduct student loan interest even if you have private loans, make more than $60,000, and don’t itemize your deductions
Student Tax Credit’s Future Uncertain
President Obama’s 2015 budget proposal calls to extend the American Opportunity Tax Credit that is set to expire December 2017, but a gridlocked congress may not approve it.
[Inside Higher Ed]
Have you heard any useful news or advice regarding tax deductions for students? Share your sources with our readers in the comments below.
1 thought on “ValuED News Roundup: What You Need to Know About Tax Deductions for Students”
Thanks for sharing of information.