IRS Lifetime Learning Credit 2021: How Can You Save Taxes On Education Expenses?

Tax credits, deductions, and savings programs may be beneficial in assisting taxpayers with their higher education expenditures since they either lower the amount of income tax owed or reduce the amount of income that is taxed.



An education credit, in particular, assists with the expense of higher education by lowering the amount of tax payable on the tax return, with a refund possible if the credit decreases the tax to less than zero.

The American Opportunity Tax Credit and the Lifetime Learning Credit are the two education credits available.

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