When it comes time to file your taxes, you may forget about some of the tax deductions that you can take. In fact, there are many different deductions that you may qualify for and many people do not even know they qualify for some. If you visit a CPA or tax preparer, you will find that the person guides you and helps you claim all deductions you can. But, if you file your taxes yourself, you may be leaving a lot of money on the table. A new study conducted by Harris Polls showed that Millennials fear taxes. But taxes don’t have to be so bad.
Below, we will go over some tax deductions that you need to keep in mind and of course, claim them if you can.
- Lifetime Learning Credit
The lifetime learning credit is one that is often overlooked, but it can offer students an opportunity to earn some money back. Students who qualify to claim this credit will need to make less than $60,000, if they are single and less than $120,000, if they are married. You can claim up to $2,000 in education expenses, which includes things such as books, laptops, and any other products or supplies you purchased to be used at school.