The price of college tuition continues to skyrocket, leaving parents and their children looking for ways to offset high costs with the help of Uncle Sam.
The IRS has come up with a variety of ways to help tax-paying citizens cut tuition costs through lucrative tax breaks and credits. From the America Opportunity Tax Credit and the Lifetime Learning Credit to various savings accounts including the 529 College Savings Plan and Coverdell Education savings account, it’s important to learn about each opportunity afforded by the IRS.
The forms involved with said tax credits and breaks can be a bit confusing, but this handy infographic by Community Tax knuckles down on the ins and outs of the filing process, making it easy to understand just how those tax deductions can be used to your advantage. Check it out below: