Education Credits | Waukesha Tax Preparation

IRS reminds taxpayers about education credits

With schools back in session, the IRS has issued a reminder to taxpayers not to overlook available tax credits for education expenses. Tax credits are applied directly against the income tax you owe. Two available credits: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC can be up to $2,500 annually for an eligible student and is 40% refundable. That means you could get money back when the credit exceeds your tax bill. The maximum LLC is $2,000 and is not refundable. You can claim only one type of education credit per student each year.  For more help contact your Waukesha Tax Preparation specialists here.

Edith Christian CPA
N9 W29360 Thames Road
Waukesha, WI 53188
262-646-2008