What tax deductions can I claim for my education expenses?
You may be eligible for deductions like the American Opportunity Tax Credit or the Lifetime Learning Credit.
Can you explain the American Opportunity Tax Credit?
Sure! The American Opportunity Tax Credit allows you to claim up to $2,500 per eligible student for qualified education expenses.
What are the eligibility requirements for this credit?
To qualify, you must be enrolled at least half-time in a degree program and your income must be below certain thresholds.
Are there any deductions for online courses?
Yes, expenses for online courses can qualify for the same credits if they meet the eligibility criteria.
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