Tip of the month

Save on Education

Education past high school can be a source of tax savings. You can deduct education expenses to maintain or improve your job skills. For couples whose income is below $130,000 or individuals below $65,000, you can benefit. The only restriction is that you only claim costs for tuition and course-related fees.

IRS form 1098-T is used by educational institutions to report tuition and fees. Your costs must be reduced by any tax-free scholarships, grants or employer assistance. If you’ve received any of the above-mentioned, the form is usually not submitted by the educational institution, so keep your own records.

Visit www.1098T.com for the form most colleges use.

Your tax savings can be as high as $2,000 each year. 

Contact us for more information on saving money on your taxes.