Tax Incentives & Credits
What Are Tax Incentives?
Tax incentives can be one way to help reduce the costs of your
college education. There are different tax credits and deductions
that specifically correlate with college education expenses.
The Hope Tax Credit
The Hope Tax Credit is an educational
related tax credit which can be obtained by parents of a dependent
college student who is in his or her first two years of study, has
not been convicted of a felony, and is a full time college student.
The Hope Tax Credit can be awarded in amounts up to $1,500 per
qualified dependent student (applies to United States of America
only).
Tuition And Fees Deduction
If you or a dependent student have accrued tuition and fee expenses
required by the enrollment processes of an accredited college or
university, then you are qualified to reduce your taxable income by
up to $4,000 (applies to United States of America only)
Student Loans Interest Deduction
If you took out student loans for college, then you may be eligible
to deduct a portion of your student loan interest on your taxes.
(applies to United States of America only)
Katrina Emergency Tax Relief Act of 2005
The Katrina Emergency Tax Relief Act of 2005 applies only to
individuals who were affected by hurricane Katrina. This tax relief
act states that college students may be eligible to claim an
education credit, a student loan interest deduction, and a tuition
and fees deduction.
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