IRS Reminds You To Keep Your Education Related Receipts
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.
Tax Benefits For Education (PDF) [IRS]
(Photo:puroticorico)
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Comments:
Can one deduct text books? I'm just way too lazy to actually read the thing.
For those of you outside of Chicago, the picture above is of DePaul University.
Oh. My. God. it's my beautiful school. How totally random! :) I love it.
Indeed, these deductions are nice. However, since I'm going to Community College and all my expenses are covered by PELL grants they don't apply to me. Once I get to a University I'll definitely be claiming them on my 1040.
@flintstone03: Yes, you can deduct textbooks. Laptops, too, even. I deducted a metric assload of stuff last year.
I saved about $17k in taxes by deducting my business school tuition. Very tasty.