Tax breaks, credits, and rules for students, parents, and educators — everything about taxes and paying for school.
Taxpayer asks: My child attends public school. School ends at 3 every day, but I don’t get off of work until 5 so my child attends an after school program. Can I deduct this on my taxes? Does it matter that it’s at public school? Taxgirl says: You’re in luck! So long as the child…
Taxpayer asks: Hi Kelly, I had a tax question about unpaid internships and being able to deduct the expenses of that internship on your taxes. From all of the research I did I was unable to find anything that would allow for such a thing. It seems that without a 1099 or w-2 from the…
There inevitably comes an awkward moment when I’m delivering a guest lecture at Temple Law School when I can see flashes of panic on the faces of my students: You mean, I have to pay tax on my fellowship? The taxation of scholarships and fellowships can be confusing. First, the general difference between the two:…
The Hope Credit is one of a couple of tax credits for education. It was signed into law under President Clinton as part of the Taxpayer Relief Act of 1997. Since 1997, the amount of the credit has been tweaked, ultimately resulting in the American Opportunity Tax Credit, which was signed into law last year…
I have a love/hate relationships with student loans. I love that they allowed me to go to college and law school – I couldn’t have done it otherwise. But I hate almost everything else about them. And as a tax attorney with two graduate degrees, I find it impossible to read my own loan statements…
I am the mom who is always out of the loop. I listen as parents around me advise that my daughter needs to be involved now in lacrosse so that she’ll have a good chance of getting into an Ivy (but… but… she’s 7); that all of the cool kids are going to science camp;…
One of the most popular questions I see around this time of year is whether you can deduct the cost of: school uniforms for public, private or parochial school band uniforms and instruments athletic team uniforms school supplies field trips fill-in-the-blank school expense that is sucking money out of my wallet The short answer is…
It’s the first day of school here in Philadelphia. My oldest daughter was rushing around this morning, gathering school supplies and fretting about her hair (apparently, it is not long enough). The morning was, well, you know, a blur. As things are settling down in my house (well, that’s relative), things are heating up at…
Taxpayer asks: Hi, Is the rule different if the firm pays for the BarBri expenses themselves? Is this repayment taxable as ordinary income? Any tax code references would be appreciated, too (though not by any means necessary). Gracias, Taxgirl says: This is one of those posts that I can already tell that I’m going to…
Taxpayer asks: Can I deduct my son’s school uniforms on our taxes? They are required. Thanks. Taxgirl says: Unfortunately, no. Trust me, I wish it were different (my older daughter’s school requires uniforms, too). The IRS does not allow deductions for school uniforms, even if required, for public or private schools. All is not lost,…
