As a new school year approaches, students are considering what classes to take and how much the classes will cost. Whether it's a community college, trade school, four-year college, or advanced degree, higher education is expensive. The good news is that tax credits can help offset these costs.
These credits reduce the amount of taxes that someone owes. If the credit reduces the taxes to less than zero, the taxpayer could even receive a refund.
Taxpayers paying for higher education in 2021 can see these tax savings when they file their taxes next year. If taxpayers, their spouses, or their dependents take post-high school courses, they may be eligible for a tax benefit.
There are two credits available to help taxpayers save money on higher education, the American Opportunity Tax Credit and the Lifetime Learning Credit. Taxpayers use Form 8863, Education Credits, to claim the credits.
Do you need more information or help with your taxes?
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