Tag Archives: student loan interest

The IRS offers some tax breaks that can help you recover some of the money you spent on higher education, such as tuition costs or interest you’ve paid on student loans. This can help make your college education a bit more affordable in the long run. Tax Credits There are two different tax credits that […]

Taking out loans to pay for your education is the only option to afford college for some students. This can get expensive quickly, depending on your interest rate. However, any interest you pay on certain student loans may be deductible when you file your tax return. You are able to deduct up to $2,500 in […]

A lender is required to provide you with a 1098-E if you have paid more than $600 during the year in student loan interest. You are not required to do itemized deductions to take advantage of the student loan interest deductions. When you file your taxes student load interest will be subtracted from your total […]

Parental Tax Credits

As a parent you may be eligible for additional tax credits. The IRS provides credits that are geared towards parents, these credit can help offset the cost or raising children and can help you save money at tax time. The credits below can be claimed on children who are considered dependents including children born in […]

Are you wondering if you should take the standard deduction? If you’re single, you’re looking at $6,200. Married couples at twice that amount. Maybe you’re considering itemizing your deductions to get a bigger tax return. If you are, remember that you’ll need to have your receipts for all medical, tax, charitable contributions and other expenses. […]