2023 education tax credits & other college tax tips

Описание: College is expensive. The good news is you may be able to take advantage of education tax credits, like the American Opportunity Credit and Lifetime Learning Credit and more. Watch the video so you don’t miss out on a single dollar!

00:00 What kinds of tax breaks are available for education costs?
00:41 What is the American Opportunity Credit and the Lifetime Learning Credit?
01:00 What other tax benefits are available?
02:27 What to consider when paying for higher education?
03:15 What else do I need to know about tax benefits and higher education?

Learn more about college tax breaks and the most important things to consider when paying for higher education at jacksonhewitt.com Subscribe to Jackson Hewitt: https://www.youtube.com/c/jacksonhewi... For more help with your taxes year-round, visit jacksonhewitt.com

#taxhelp #collegetaxbreaks #collegetaxes #taxcredit

TRANSCRIPT HIGHLIGHTS
Today, I'm here to answer some of the most common questions I get about tax breaks for college expenses. What kind of tax breaks are available for college costs or education costs that can also benefit my tax return? Well the two most popular tax benefits are the American Opportunity Tax Credit and the Lifetime Learning Tax Credit for those who qualify. The American Opportunity Credit provides eligible taxpayers up to 2500 dollars for full-time students during the first four years of undergraduate college. The Lifetime Learning on the other hand provides eligible taxpayers up to two thousand dollars per year for all other courses that typically don't qualify for the American Opportunity Tax Credit. Furthermore you can put money in an investment account specifically designed for college costs. This account will grow tax-free and later be withdrawn tax-free if it's spent on eligible education expenses. It is also a very good idea to look at grants and scholarships and education savings bonds and other benefits for college costs. It is also a very good idea to look at grants and scholarships and education savings bonds and other benefits for college savings and investments that will help each taxpayer uniquely. What are the most important things to consider when planning to pay for a higher education? Well, first as a parent of three in college and as someone who paid for college themselves, I can tell you for sure start saving early. Check out the IRS publication 970 known as Tax Benefits for Education. It's a handy 90-page document to help you understand college expenses and the related tax benefits. or you can schedule time with the Tax Pros to provide you with personalized insights. Some tax benefits and savings kick in when you actually pay the money and some provide benefits years in advance through savings and tax-free earnings. Some require application for grants and scholarships and loans and forgiveness programs and my advice: Start planning early and find out as many money savings opportunities as you can. But as important as saving, start learning the rules and options. There's a lot to know and many choices to make but the payoff for tax breaks can really help pay for college and lower your taxes. Learn about all the tax benefits from college expenses and schedule an appointment today with a trusted Tax Pro. Visit jacksonhewitt.com.

Subscribe now for more tax tips to help reduce your taxes and boost your refund! https://www.youtube.com/c/jacksonhewi...