If you have a child in college, you may be eligible to claim the American Opportunity Tax Credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your...
Was a college student in your family last year? Or were you a student yourself? You may be eligible for some valuable tax breaks on your 2016 return. To max out your higher education breaks, you need to see which ones you’re eligible for and then claim the one(s) that...
Last week, we discussed applying for financial aid to help defer the cost of college. Besides financial aid, specific higher education tax benefits can reduce the net cost of sending a child to college. Among the three major tax breaks—American Opportunity Tax Credit,...
As we reported in our last article, the net price of higher education will depend on the amount of financial aid that’s received. The greater the financial aid, the lower the net cost of college. In order to obtain financial aid, a key step is filling out the Free...
The College Board reports that full-time students at in-state public schools typically paid almost $20,000 for tuition, fees, and room and board during the 2015-2016 academic year. On average, students at private institutions typically paid almost $44,000 for tuition,...
Many grandparents would like to help their grandchildren with the steep costs of higher education. That’s often a laudable goal, but some methods of providing this assistance might be more effective than other tactics. Gifting aid for college costs The simplest tactic...
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability and save taxes — but you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur...
If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. (Some states do offer tax incentives for contributing, North Carolina does not as of the date of this article.)...
Even relatively modest costs for higher education can be daunting for many families. Therefore, parents should consider starting funds to pay college costs for their children as early as possible. Creating a designated account for higher education may help you avoid...
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