If you are a college student or have dependents in college, tax season can be a welcome break for you. Why? There are many tax deals available that a member of the Pennsylvania Institute of Certified Public Accountants (PICPA) can explain. Some of these deals include:
- Student loan interest deduction - what's your deduction limit?
- Exception for early IRA withdrawal - no penalty if used for education expenses
- Tuition and fees - cannot claim in same year as American Opp. Credit
- Lifetime learning - don't actually have to be pursuing a degree
There are more than 500,000 college students in Pennsylvania working hard at school but they can make tax season work for them. These tips, like the mind, are a terrible thing to waste. Contact Jim DeLuccia at (267) 675-6261 or jdeluccia@picpa.org to set up an interview with a local CPA.
- Student loan interest deduction - what's your deduction limit?
- Exception for early IRA withdrawal - no penalty if used for education expenses
- Tuition and fees - cannot claim in same year as American Opp. Credit
- Lifetime learning - don't actually have to be pursuing a degree
There are more than 500,000 college students in Pennsylvania working hard at school but they can make tax season work for them. These tips, like the mind, are a terrible thing to waste. Contact Jim DeLuccia at (267) 675-6261 or jdeluccia@picpa.org to set up an interview with a local CPA.