Facing exorbitant higher education costs? Your Uncle Sam might be able to help

September 19, 2012


Group of graduatesEvery parent with a kid in or about to enroll in college knows that the cost of higher education keeps going, well, higher.

That's why so many take advantage of help from Uncle Sam.

Yep, the Internal Revenue Code is chock full of education tax breaks, which are collected in today's Weekly Tax Tip.

You've got your 529 plans and Coverdell savings accounts and a couple of tax credits (American Opportunity and Lifetime Learning) and some deductions (for tuition and fees and student loan interest) that you don't have to itemize to claim.

Of course there are eligibility requirements and rules on how you can and can't combine the various tax breaks.

But it's definitely worth doing your educational tax benefits homework to see if you can get some help in paying those ever increasing school costs.

You also might find these items of interest:

Share:

The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

Latest Posts
6 tax moves to consider this June

June 3, 2026

Definitely take a break this June. But taxes don’t take vacations. So, you also should…

Read More
Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • It’s hard to be confident that government will help and college eduation will become more affordable so there will be more ways to avoid taking out student loans. That’s why I am sure that it’s necessary to rely on yourself and 529 plan only. I believe that it’s possible to save for college, if you decide where you want to attend, how much money you need for that and will use all the ways available to save then possible you will have a chance to avoid a student loan debt.
    https://paydayloansat.com/

Comments are closed.