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Kids, Deductioins, and College

11 Mar

Did you know that one child is a deductible expense of $3,700.00 on your taxes? That is the Exemption for Dependents. I have been out of this loop for quite some time, it is good to know though.

There are college deductions as well. There is the American Opportunity Credit that is valued up to $2500.00. You must be pursing a degree. 

There is the Lifetime Learning Credit that is worth up to $2,000.00.You don’t have to be pursing a degree for this one but it could be helpful if you are on the extended life time learning plan.

There is the Tuition and Fees Deduction that is worth up to $4,000 and is to expire this tax year.

Then if you spend 7.5% of your adjusted gross income on a child with special needs you may qualify for a medical expense deduction.

Did you know that giving to your kids school can be a deduction? It is always important to get a receipt. You should get a receipt for all deductions. If you get something in return, it is not considered deductible.

As far as the Salvation Army check out: www.salvationarmyusa.org. There are lots of deductions that can be had.

 

 

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