Over the years, there have been many tax laws enacted to benefit taxpayers seeking an education. Most of these laws relate to higher education or education after the typical K-12 schooling. The objective of this course is to explain and define the various education tax credits and tax deductions available to taxpayers that have education expenses and to cover tax-favored savings options that exist for taxpayers. This course will define terminology used in calculating these tax rules and will help the participant to understand how to plan for and maximize these tax opportunities.
Much of this course will focus on the two main credits currently available: The American Opportunity Credit and the Lifetime Learning Credit. Other topics include the Coverdell Education Savings Account, deductions for tuition and fees, student loan interest, savings plans for education, itemized deductions available for work-related education, employer-provided education, savings bonds for education and scholarships and fellowships.