Spending your time and effort in school can feel twice as hard as work and when you realize that you aren’t getting paid a dime it can be downright rotten! Here are some breaks that the government has given students in order to help them make it through school without keeling over.
Lifetime Learning Tax Credit
This is available to all students who are taking at least one class from an accredited school. This can be a graduate level program or undergraduate program as well. Basically the government will give you credit for 20% of the first $10,000 that you spend. This is a huge bonus for students out there trying to save for their next semester.
Hope Scholarship Tax Credit
This is for students enrolled in a program at least half-time and who are in their undergraduate studies as sophomores or freshmen. These students can file for a whole 100% of their taxes off for their first $1000 and then 50% for the next $1000.
Student Loan Interest Deduction
The government may look at your student loan and see that you qualify for a tax deduction. This is to help jump start you and help you pay off your loans.
Ultimately if you are looking for deductions for you hard work and dedication in school you will find them. The tax benefits can be a great help for students who are stressed with all of the bills and tuition payments. Remember that going out and searching for all of the opportunities available can be a great way to help you get the deductions you need.