What You Should Know about Changes in Education Provisions in the Tax Law
Are you making the most of tax benefits designed to offset some of the high costs of education? The American Opportunity Tax Credit, extended through 2017, provides a tax break of up to $2,500 for qualified college expenses. The Act also made permanent several education-related tax options, including a $2,000 maximum contribution amount for Coverdell education savings accounts, which can be used to pay certain elementary, secondary and post-secondary expenses.
Given the many changes, we can help you make sense of the benefits available to you and ensure you’re taking full advantage of them. We can also offer advice on smart steps for financing the high cost of education, so please contact our office with all your questions.
Source : AICPA