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
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