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Tax Credits

Generally speaking, the U.S. government supports education by providing individuals with a variety of tax credits. Remember a tax credit is typically more valuable than a tax deduction. The credit is subtracted from the amount of TAX owed not just the Taxable income.

It is important for each person to seek professional advice for their own specific needs, but we have identified some particularly relevant tax credit programs.

We will cover two programs, the "Lifetime Learning" and "Hope Scholarship" tax credit programs.

 The Lifetime Learning Tax Credit

The Lifetime Learning credit is a tax credit available to individuals who file a tax return and owe taxes. This means the amount of the credit is subtracted from a family's actual tax liability, rather than reducing taxable income like a tax deduction does. The Lifetime Learning credit is not refundable.

Click below to find out more about the "Lifetime Learning" and "Hope Scholarship" tax credit programs.

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