Traverse City, MI -- (SBWIRE) -- 09/05/2014 -- In the midst of exams and extracurricular activates most college students don’t stop to think about the issue of taxes. With more and more students working to pay for college, they should. At least that’s the conclusion drawn by Traverse City tax expert Frank Ellis, who has written extensively about the ways taxpayers can reduce their taxable income, and who now turns to the important topic of college tuition tax deductions.
According to Ellis, “For students currently attending college or a university, there are college tuition tax deductions available that can significantly reduce their taxable income.” In his article, Ellis details these deductions and provides a road map that college students can follow to alleviate their tax burden.
Ellis begins by letting his readers know what credits and deductions are available for those paying college tuition. Two of the most common credits that help college students are the American Opportunity Tax Credit and the Lifetime Learning Credit and Ellis details these. He also makes the important point that since students can only take advantage of one credit in a given year, they should research each credit fully to determine which provides the greater benefit.
Ellis then proceeds to list the various forms that students will need to fill out in order to claim a college tuition deduction and as is always the case, he provides links to these various tax forms in the body of the article.
During a discussion of the common tax credits, Ellis discusses whether these credits are still valid and details the criteria under which students are eligible for the credits. Rounding out the article, Ellis briefly discusses other, and not as widely known, deductions that college students can take to alleviate their tax burden.
Ellis encourages all college students to visit http://www.examiner.com/article/college-tuition-tax-deductions-2012-2013 and read this important article before they file their taxes this year.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 800 articles on the Internet.
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