When you’re cleaning out your purse or wallet this week, make sure to save your education related receipts because, depending on your situation, you may be eligible for some spiffy tax breaks in April.
“The start of the school year is a good time to remind parents, students and teachers to save all receipts related to tax-advantaged education expenses,” said IRS Acting Commissioner Linda Stiff. “Good recordkeeping makes sense because it can help avoid missing a deduction or credit at tax time.”
We’d just like to point out the awesomeness of someone called “Stiff” running the IRS.
Anyhow, to learn more about education related tax deductions and credits, check out IRS publication 970. No, it’s not the most awesomely compelling literature you’ll ever read, but it might save you some money.