The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs.
Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent.
The American Opportunity Tax Credit (AOTC) is:
The Lifetime Learning Credit (LLC) is:
The Interactive Tax Assistant tool on IRS.gov can help determine eligibility for certain educational credits including the American Opportunity Credit and the Lifetime Learning Credit.