Education Expenses

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Sugary Treats for Students Are Not Tax Deductible

By | October 24th, 2011|Categories: Potpourri of Tax Topics|Tags: , |

Teachers who pay for classroom supplies out of their own pocket can take a deduction on their tax return.  The first $250 of expenses are deductible on the front side of Form 1040.  Expenses beyond $250 can be claimed as itemized deductions if the total of the expenses exceeds 2% of the taxpayer's income. But as [...]

IRS Has Back-to-School Tax Tips for Students and Parents

By | August 19th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , , |

Hard to believe, but it's already back-to-school time.  The IRS has information about the education credits and deductions that are available (from IRS Summertime Tax Tip 2011-18): Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. 1.  American Opportunity Credit  This credit, originally created [...]

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