Tax Benefits for Students

If you are a student, you know how costly an education can be. Not only are tuition costs high, but you must also pay for textbooks, housing, and other necessities. For students who are making little to no money while they study, money can be very tight. For this reason, many students decide to take out loans for their expenses while they are attending college.

The government also gives students a few opportunities to save money while they are attending college. The government offers students several significant tax breaks. Some students have even reported saving thousands of dollars a year because of government tax breaks.

If you attend an accredited university, then the government should send you a special tax form at the start of each year. This form is called a 1098-T form. This form will serve as a record for information pertinent to you receiving tax breaks from the government. Here are a few of the most common tax breaks utilized by students.

The Lifetime Learning Tax Credit is a great tax credit offered to students. This credit allows students to get credit for 20% of the first $10,000 they spend on expenses related to their education, like textbooks and the like. You may be wondering if you are eligible for this tax but. Single filers for this tax cut must make less than $52,000 a year, and joint filers must make less than $105,000.

Students are already struggling enough. If you are a student, look into getting an extra tax cut from the government today.

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