A Guide to Educational Tax Credits and Deductions
College is expensive, but several valuable tax breaks can help ease the pain. You may be able to cut your tax bill by up to $2,500 if you're paying college tuition, and you may even get tax credits to help cover the cost of continuing education classes to improve your job skills. Interest you pay on student loans may be tax-deductible, and you can use tax-advantaged savings to pay for a computer or private school, in addition to college costs. Recently expanded benefits can help families with new education needs because of the coronavirus pandemic, and some strategies can help you make the most of these tax breaks to stretch your savings.
