01/26/2022
College students may be able to take advantage of certain tax benefits as long as they are enrolled in an accredited institution.
There are 2 tax credits related to education: the American Opportunity Credit and the Lifetime Learning Credit.
The American Opportunity Credit allows you to claim a credit of up to $2,500 from which you may receive a cash refund of up to $1,000. The Lifetime Learning Credit can give you a credit of up to $2,000. How much credit you receive depends on the amount you had to pay for your school tuition.
If you'd like to learn more about this tax benefits, send us a message and we will help you determine if you are eligible. Or contact us at (915) 499-2700