Taxes and Education

The Latest

  • November 9, 2012

    We all know the importance of a good education. We also know that the cost of furthering your education is rising. But did you know that the federal government is a big supporter of higher education and encourages you to enroll in school by...

  • November 6, 2012

    Rising U.S. college costs hit a ceiling this fall and student borrowing dropped for the first time in 20 years, according to data released by the College Board.

    Tuition and fees for in-state students at public four-year institutions rose 4...

  • October 31, 2012

    529 college savings plans are tax-advantaged college savings vehicles and one of the most popular ways to save for college today. Much like the way 401(k) plans revolutionized the world of retirement savings a few decades ago, 529 college savings...

  • January 23, 2012

    Tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket. For instance, if you are in the 25% tax bracket, a $1,000 deduction saves you $250 in tax (0.25 x $1,000 = $250). There are three main...

  • January 12, 2011

    Certain education expenses can be claimed on your 2010 federal tax forms to lower your tax liability. These expenses are claimed on your 1040 tax forms. You also need the 8863 tax forms for education credits.

    ...

  • August 18, 2010

    If you’re one of the many thousands of individuals who joined the ranks of the unemployed over the past year or so, who are considering a new career path or who are looking for additional funds to offset the cost of a dependent’s schooling, you’...

  • August 18, 2010

    The education tax credits were specifically targeted to individuals in middle to lower income levels as a means to help them achieve a better standard of living by pursuing advanced training and education.  With unemployment as high as 15% in...

  • August 18, 2010

    One of the hallmarks of a great employer is that they are willing to invest in the future of their employees.  A number of fortune 500 companies (like Fed Ex which provides up the $3,000 per calendar year in tuition reimbursement) and some small...

  • August 18, 2010

    Remember when your kids were born and your relatives proudly presented you with savings bonds that you filed away and probably forgot about?  Well, if college is on the horizon, it’s a good time to dig them out and consider the potential tax and...