Education Tax Deductions
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Education Tax Deductions

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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