Education Tax Deductions

Parents with kids attending college will find this article interesting because it could save you money come tax time. "A 2005 study by the Government Accountability Office, the investigative arm of Congress, found that 27% of taxpayers who were eligible for a tax deduction or credit for their college expenses didn't claim the tax break." from reading this quote it seems a lot of people arn't aware of the educational tax deductions their missing out on, probably due to lack of tax understanding. Understanding tax can be complicated and boring, but with a bit of effort you might have the tax man giving something back for a change, and that's something we all want to see. So read on and make the man pay!
Learning about education deductions can pay off
"Families make a lot of sacrifices to send their children to college. They drive old cars, give up premium cable and skip their annual Las Vegas vacation. Yet, millions of families leave money on the table every year by overlooking valuable education tax breaks. "It's a fairly confusing system," says Mark Brenner, vice chairman for College Loan Corp. "The reality for most American families paying for college is that they're more focused on paying tuition than they are about the tax savings." Still, diving into the education tax maze pays off." USATODAY
# Tax News