The Internal Revenue Service (IRS) announced late last year about an interesting back-to-school feature on its website called “Tax Benefit For Education” or the IRS Publication 970.
This section of the IRS highlights a number of tax breaks intended to help parents and students pay for higher education. This publication explains tax benefits that maybe available to you if you are saving or paying education costs for yourself, or in many cases, another student who is a member of your immediate family. However, most benefits apply only tohigher education.
What’s in this publication? Chapter 1 explains the tax treatment of various types of educational assistance, including scholarships, fellowships, and tuition reductions. Chapters 2 and 3 explains two tax credits which reduces the amount fo your income tax: The Hope Credit and The Lifetime Learning Credit. In Chapters 4 to 12, ten other types of benefits are also explained.
Take advantage of this IRS Publication 970 now and know how you can save more on education costs. If you want more details about this publication, you can go and read the full IRS in PDF format -> click here