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Tax help for school costs

Camp, college, back-to-school shopping soon. It’s a busy season for families
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A reminder from the IRS: There are new tax breaks available for college costs. There’s a maximum $2,500 per student credit designed to offset the cost of the first four years of college. It’s broader than the Hope tax credit for this year and next. It will be available to higher-income and lower-income taxpayers. It can be used for tuition, fees and books.

And, there’s a special tax provision for that laptop that the colleges require. If you plan to use money in a Section 529 college savings plan to pay for college, the law now says you can use it to buy computers, Internet access and related equipment or services. No games software, but educational things.

So save those receipts. You’ll need ‘em at tax time.

POSTED IN: Your Money (119)

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About This Blog

You've got the job of managing your money. No one in school taught you how.

But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money... < More >

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance writer for the Sun-Sentinel, has been an award-winning business...< More >

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