CPA Tax Musings: Education Tax Credits-Two Benefits to Help Pay for College

If you have kids going to college or you or your spouse is going for a degree, there are two education tax credits that can really help you recoup some of those education costs with reduced credits.

http://content.govdelivery.com/accounts/USIRS/bulletins/f4e525?reqfrom=share

The American Opportunity Credit is a better credit than the Lifetime Learning Credit in that up to $1000 of that credit is actually refundable, while none of the Lifetime Learning Credit is refundable, plus there is an extra $500 of credit from the American Opportunity Credit.  Either credit will help you pay some of your college expenses, though.

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