Education tax deductions become especially important in this slow
economic environment when student financial aid and scholarships are
becoming harder to find. The New York Times* has
stated, “The first report to document the impact of the
government’s new formula for financial aid has found that it will
reduce the nation’s largest grant program by $270 million and bar
84,000 college students from receiving any award at all. The report, by
the Congressional Research Service, the research arm of Congress, does not
calculate the full effect of the changes, since it does not consider the
further cuts in student awards that will probably occur once the new
formula is applied to billions of dollars in state awards and university
grants.”
While student financial aid may be shrinking, there are other financial
advantages to be gained by enhancing your knowledge through career
education — apart from the obvious ability to increase your income
by making your skill set more attractive to employers. Uncle Sam
permits you to reduce your tax burden by deducting certain education
expenses. You may be able to write off a substantial portion of your
education expenses by learning what types of expenses qualify.
Do you have work-related education expenses? Does your employer provide you
with education assistance benefits? If you answer, “yes,” to
either of these questions, you may be able to deduct all or a portion of
your education expenses, exclude education benefits from income, or even
claim tax credits. Interest may be deductible if you have a qualifying
student loan. But be careful; many of these benefits have income
ceilings above which they do not apply or are only partially allowable.
Ten Spider Enterprises encourages you to further your career
education; earning a college degree or simply polishing job skills
by completing courses can greatly improve your chances for securing an
employment opportunity that best matches your career goals. Here we
provide you with links to specific IRS publications that discuss education
tax deductions and benefits in detail. You may also wish to search for
student financial aid by visiting our
College
Scholarships, Grants & Student Loans page.
Follow links to the right to learn more about education tax deductions.
At the left margin, Related Links address topics of interest
pertaining to career education, career planning, college financial aid and
employment opportunities. View the
Career
Builder SiteMap for a complete list of career and career-oriented
topics.
* “Tens of Thousands Will Lose College
Aid, Report Says”, Greg Winter, The New York Times, 18 July
2003
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