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Day two of David Pecker testimony wraps in NY Trump trial; Supreme Court hears arguments on Idaho's near-total abortion ban; ND sees a flurry of campaigning among Native candidates; and NH lags behind other states in restricting firearms at polling sites.

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The Senate moves forward with a foreign aid package. A North Carolina judge overturns an aged law penalizing released felons. And child protection groups call a Texas immigration policy traumatic for kids.

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The urban-rural death divide is widening for working-age Americans, many home internet connections established for rural students during COVID have been broken and a new federal rule aims to put the "public" back in public lands.

Utahans Can Save Money with School Tax Credits

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Thursday, August 28, 2014   

SALT LAKE CITY – It's back-to-school time, and thousands of Utahans are spending millions of dollars on advanced education.

In addition to the student loans and grants available, Uncle Sam also has programs to offer relief in the form of tax credits, explains Michael Dobzinski, an IRS spokesman.

"There's a couple tax credits that you can get,” he points out. “What's great about a credit is a credit is a dollar-for-dollar reduction in your taxes."

The tax credits available include the American Opportunity Tax Credit, which offers $2,500 annually for an eligible student, and the Lifetime Learning Credit of up to $2,000 for qualifying students.

According to the U.S. Department of Education, 47 percent of all undergraduates received education tax benefits in one recent school year.

While tax filing season is months away, Dobzinski says now is the time for students to keep careful records of school expenses so they can take full advantage of the credits at tax time.

"Keep track of everything that you spend and then at the end of the year, you'll know whether, in fact, some of these expenses qualify or you can figure that out, and you can get a credit on your tax return," he explains.

In some situations, Dobzinski says a person can deduct tuition, as well as the costs of work-related education expenses.

Those include advanced training required by an employer or that is necessary to advance in a field.

The Coverdell Education Savings Account and 529 Plans also allow taxpayers to allocate money pre-tax for education expenses.




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