June 26, 2009, Newsletter Issue #171: A Tax Deductible Education

Tip of the Week

Did you know that you may qualify for certain tax deductions directly related to your education? If you've returned to school to further your career or upgrade your job skills, you may qualify for a tax break or for itemized tax deductions if you’re reason for attending school is to improve upon skills used in your current line of work.

The U.S. government offers a variety of tax breaks or tax cuts in relation to certain scholarships, fellowships, government education savings accounts, and education savings bonds. If you’re interested in finding out more about which tax breaks you might qualify for, have a qualified financial advisor review your case. Can’t afford a high-priced financial advisor? Visit a local community college or university that offers an accounting degree or diploma. Faculty or senior students may offer their services for reduced rates, or free of charge, to people with low income or currently enrolled students.

While you’re at it, visit the Internal Revenue Service website, or the U.S. Department of Education website for suggestions on how to go about applying for grants and scholarships to further save you money. With a little work and perseverance, you might just find additional funding that you never knew existed.

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