June 5, 2009, Newsletter Issue #122: Education Tax Deductions

Tip of the Week

Every little bit of money you can save during college helps. When it comes time to do your taxes for the year, you have the opportunity to save money that many people are not aware of.

Education expenses can be deducted from your taxes and give you a bigger return at the end of the fiscal year. Tuition, travel expenses, books, and a lot more required for your higher education can be factored into your tax return.

If you are not sure what expense you can deduct check with a tax professional or your financial aid adviser at school. They can tell you exactly what is deductible and how much you can end up saving.

If you work a part or full-time job while attending school there are business expenses that may be deductible as well. Learning how to file your own taxes and what you can write off is very valuable to those who can use any extra help that is out there. That extra money could pay for a month’s rent, your textbooks for a semester or anything else that you need. Interest on private and government student loans may be deductible too.

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