iStock/ThinkstockEducation is a good investment but it isn’t cheap. Thankfully, there are ways you can cash in on your kids’ higher learning when you file your taxes.
“The American Opportunity Tax Credit is available for the first four years of college, dependent on the income reported on the tax return, but you could get as much as a $2,500 tax credit,” says accountant Janice Hayman.
And the tax breaks aren’t just for kids.
“Let’s say you’re going for your Masters or you’re continuing a degree, but you’ve already done your first four-year degree. This would fall under the Lifelong Learning Credit,” Hayman notes.
Whether you’re eligible for the full credit or not is also dependent on your income, she adds.
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