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School Tax Credits Can Help Save Nevadans Money

PHOTO: The IRS isn't necessarily on people's minds as they head back to school, but tax experts recommend keeping a careful record of education expenses for those who qualify for an education-related tax credit. Photo credit: U.S. Department of Treasury.
PHOTO: The IRS isn't necessarily on people's minds as they head back to school, but tax experts recommend keeping a careful record of education expenses for those who qualify for an education-related tax credit. Photo credit: U.S. Department of Treasury.
September 22, 2014

CARSON CITY, Nev. - It's back-to-school time, and thousands of Nevadans 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. Michael Dobzinski is a spokesman with the Internal Revenue Service.

"There's a couple tax credits you can get," says Dobzinski. "What's great is a credit is a dollar-for-dollar reduction in your taxes."

Among those available is 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 when the time comes.

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

In some situations, Dobzinski says, a person can deduct their 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 5-2-9 Plans also allow taxpayers to allocate money pre-tax for education expenses.

Troy Wilde, Public News Service - NV