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If you’re pursuing higher education or helping a loved one in college, you’ve likely heard of various tax credits and deductions designed to ease the financial burden of education expenses. Among these is the American Opportunity Credit (AOC). One of the most common questions we receive about this credit is,
As students prepare to apply for federal student aid this winter, local colleges are hopeful that a bill proposed in Congress will allow some low-income students to use awarded funds however they need without penalty. U.S. Sens. Chuck Grassley and Sheldon Whitehouse introduced legislation last week to fully exclude Pell Grants from taxable income and […]
As students prepare to apply for federal student aid this winter, local colleges are hopeful that a bill proposed in Congress will allow some low-income students to use awarded funds
The Tax-Free Pell Grant Act would allow students to use Pell Grants for living expenses without being taxed for them. This frees them up to claim education tax credits.