Can You Put a Price on Education?
You bet you can. Any parent that’s paying for their child’s education knows exactly what it’s costing them every semester. And you can also bet that whatever the amount, it seems like too much.You can also put a tax credit on the cost of education. We do it for our clients all the time. We’re good at it.With the business tax filing deadline behind us tomorrow, March 15, we are now working on our clients’ individual returns. Those, of course, are due on April 15th.Even though they’re smart people, many of our clients are confused by the different tax breaks for education costs available to them from the federal government. There’s a reason for this: it’s really not that clear which one works best for an individual. And since there is no double-dipping (or triple-dipping) between the different tax breaks for education, you have to pick the one that gives you the most benefit.
This article in the Business section of NBCNews.com illustrates the dilemma individual taxpayers have when it comes to those education tax credits. It’s a very good piece about the difficulty in selecting which way to go from a tax perspective when it comes to taxes and education costs.
Whether it’s Sareen and Associates or another tax firm, ask a professional for advice regarding education tax credits. Trying to figure it out on your own might not be in your best financial interests.