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Is College Tuition Tax Deductible?

College isn't cheap. However, depending on your situation, you might be eligible to deduct all or a portion of tuition costs when you file your taxes. But, because the tax code contains multiple.

A Guide to Educational Tax Credits and Deductions

A Guide to Educational Tax Credits and Deductions Kimberly Lankford © (Getty Images) Cropped shot of an attractive young woman going through paperwork while doing her budget at home College is expensive, but several valuable tax breaks can help ease the pain. You may be able to cut your tax bill by up to $2,500 if you re paying college tuition, and you may even get tax credits to help cover the cost of continuing education classes to improve your job skills. Interest you pay on student loans may be tax-deductible, and you can use tax-advantaged savings to pay for a computer or private school, in addition to college costs. Recently expanded benefits can help families with new education needs because of the coronavirus pandemic, and some strategies can help you make the most of these tax breaks to stretch your savings.

How to File Taxes

How to File Taxes © (Getty Images) Close up of a young woman doing her bills in the kitchen There s no question that 2020 was an unusual year, and your taxes may be different, too. If your income was lower than usual or you did any freelance work, you may qualify for benefits you weren t eligible for in the past. You may also be able to get more money in stimulus payments if your income dropped or you had a baby in 2020. And some people who received unemployment benefits may have a tax surprise coming. Many people do not realize that federal tax is not automatically withheld from unemployment benefits, says Brittany Benson, senior tax research analyst at the Tax Institute at H&R Block. As a lot of people faced unemployment for the first time last year, there will be a lot of questions and potential mistakes when they file.

Married Couples: Should You File Jointly or Separately?

Married Couples: Should You File Jointly or Separately? Kimberly Lankford © (Getty Images) Side view of female professional working at table. Woman is staying safe during coronavirus pandemic. She is using mobile phone. Married couples have a choice to make at tax time: They can file their income-tax returns jointly or separately. Most married people automatically file joint returns, but there are some situations where filing separately can be better. Married filing separately is an uncommon filing status, however it can be beneficial for certain legal and strategic reasons, says James A.J. Revels, a CPA and partner at KPMG in Philadelphia. Here are some reasons to file jointly or separately:

Bill would give income tax credit for North Dakota student loans

Bill would give income tax credit for North Dakota student loans Student loan interest is paid through the Bank of North Dakota and eventually makes it way into the state’s general fund. Rep. Pamela Anderson, D-Fargo, indicated that the people paying the interest on the loans would be able to better utilize the dollars, even if the amount that would be credited would not be high. 12:00 am, Jan. 25, 2021 × Rep. Pamela Anderson, D-Fargo, watches as red lights outnumber the green (yes) lights on the House tally board during Monday s floor session. Rep. Anderson sponsored two bills to restrict smoking that were both voted down. Tom Stromme / Bismarck TribuneTom Stromme / Bismarck Tribune

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