September brings the start of a new college term and again for 2015, the good news for education is that the two federal tax credits for college education expenses remain in place and available to us.
The American Opportunity Tax Credit (AOTC) is available for a student during their first four years of college. It is an annual tax credit which can be as high as $2,500 per year per student. The credit is available to anyone in your family during their first four years of college. A portion of this credit may be “refundable” which means that even though your tax liability may be zero, a refund check may still be available. (more…)