It’s Back-to-School & Time For Your Refund!

It’s back to school time, so here are some tips for your taxes!

Attention parents:

1. Get up to $2,000 for the Child Tax Credit if your child is under 17, resided for more than half the year with you, a dependent on your tax return, your relative, a U.S. citizen, national or resident alien. The refundable amount of the credit goes up to $1,400.
2. If your child is under 13, claim the child and dependent care credit for child care expenses.
3. Depending on your income, you can claim the Earned Income Credit (EIC).
4. The Adoption Tax Credit reduces your tax for fees related to court, attorney, travel and meal expenses. You can also claim the Special Needs Credits for all relating child’s special needs expenses.
5. If you’re paying for your child’s college education, claim the Education Credit for tuition, mandatory supplies and related fees.

To Teachers:

1. For K-12 educators, claim the Educator Expense Deduction for up to $250 ($500 for married filing jointly if both individuals are teachers) in unreimbursed classroom purchases.
   (Books, school supplies, computer equipment, software and athletic equipment for physical education teachers are recognized as qualified expenses since they are mandatory for learning.)
2. K-12 educators can itemize their travel, investment costs, and union dues as unreimbursed job expenses that can exceed 2% of your adjusted gross income.
3. College professors can deduct their expenses in unreimbursed job expenses when itemizing their deductions on Schedule A (Form 1040).
   (Professors cannot deduct the Educator Expense Deduction since they do not qualify.)

 

For Students:

1. Use Form 1098-T to claim any Education Credits (Lifetime Learning Credit or the American Opportunity Credit) for your qualified education expenses. You can deduct tuition, textbooks, fees and any other costs directly relating to your education.
2. If your parent is claiming you as a dependent, you cannot claim the education credit.
3. You can deduct your student loan interest.
4. Don’t default on your student loan because the federal government can garnish your tax refunds until your loan is repaid.

 

Get your tax refund!

Let RapidTax help you get some cash back. Whether you’re a parent, guardian, teacher or student claim your out-of-pocket expenses now!

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