Tax Benefits for Higher Education

Brian SingletonBlog, Watch Your Wallet

Many tax benefits are available to help you pay higher education costs, whether for your children or yourself. Let’s take a look at what’s available and how you can take advantage of these benefits to ease the financial burden of paying for education. Coverdell Education Savings Accounts (Section 530 Programs) Starting in 2013, you can contribute up to $2,000 to a Coverdell Education Savings account (a Section 530 program formerly known as an Education IRA) for a child under 18. … Read More

Keep Track of Miscellaneous Deductions

Brian SingletonBlog, Watch Your Wallet

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think about itemizing instead because you might be able to pay less tax. Here are some tax tips that may help you reduce your taxes: Deductions Subject to the Limit. You can deduct most miscellaneous costs only if their sum is more than … Read More