The Student Loan Interest Deduction

What comes to mind when you think of a college or a university? Well, there are students, classes, professors, and of course, loans. As anyone with student debt can attest to, it has to be paid back with interest. This is a reality that hits many college graduates hard when they step into the real [...]

Tax Credits for Education: The Lifetime Learning Credit

(For my post on the American opportunity credit see here.) This post will go into the details of another educational tax credit that can significantly lower your total tax bill – the lifetime learning credit.  As stated in the previous post about the American opportunity credit, the general way federal education credits work centers on [...]

Tax Credits for Education: The American Opportunity Credit

(For my post on the lifetime learning credit see here.) The American opportunity credit is one of the federal tax credits offered for educational expenses. It bears a reminder that tax credits diminish the total tax you pay on a one-to-one basis, so, for example, a $500 tax credit is literally $500 extra dollars in [...]

The Taxability of Scholarships and Grants

Are scholarships and grants subject to the federal income tax? The answer is sometimes. The non-taxability of a scholarship really depends on four factors: 1) whether the recipient of a scholarship or grant is enrolled in a degree program at an eligible educational institution; 2) the scholarship or grant doesn’t represent payment for work performed; [...]

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