It’s back-to-school season, and while students prepare for another school year, now is the time for taxpaying parents and guardians to consider ways to potentially offset the cost of higher education. Fortunately, there are a number of tax breaks available for taxpayers to take advantage of in order to make the cost of higher education more bearable.
In a recent podcast, Gorfine, Schiller & Gardyn’s Tax Director, Matt Keefer, covers college tax credit opportunities, including:
- The American Opportunity Tax Credit (AOTC)
- The Lifetime Learning Credit (LLC)
- 529 plans
- The Coverdell Education Savings Account (Coverdell ESA)
- Scholarship tax implications
Each tax credit offers its own benefits and opportunities for taxpayers. This podcast covers the important details of each option and the necessary requirements to qualify. It’s never too early to begin saving for college, and starting while your children are young can yield significant tax savings results.
Listen today to learn which tax breaks are available to you. For questions regarding higher education tax credits, contact us here.Categories: Tax, Tax Planning, Higher Education