As schools get back in session, it’s a good time to check the education tax breaks for which you might qualify. First, there’s the “American Opportunity Tax Credit” for a percentage of qualified expenses paid during the first four years of higher education. Second, the “Lifetime Learning Credit” allows a deduction for a percentage of qualified expenses paid for any year the American Opportunity Credit isn’t claimed, and it even applies to job-related classes. Third, you may quality for a deduction for interest paid on student loans. Fourth, education savings accounts allow annual nondeductible contributions for children under 18, with tax-free withdrawals for qualifying education expenses.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+ <https://plus.google.com/108764776146415485651/posts> , LinkedIn <http://www.linkedin.com/in/gillilandcpa> , Facebook <https://www.facebook.com/gillilandcpa> , and Twitter <https://twitter.com/dnggcpa>