Tax breaks, credits, and rules for students, parents, and educators — everything about taxes and paying for school.
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,…
Taxpayer asks: I had to file bankruptcy in 2005 due to medical reasons. I have student loans that need to be repaid however I cannot get a job due to my medical condition and now the irs is keeping every penny that I should get back in order to settle my student loans. Is there…
Taxpayer asks: My daughter is in her second semester in Troy University. She has never had an income so we are paying everything from tuition, books, clothes, her apartment, providing a car, cell phone, gas etc. I know that I can deduct the tuition, what about the living expenses? Thanks for any info you can…
Taxpayer asks: My daughter attends an independent private elementary school. We pay around $10,000 a year in tuition. Is it deductible? Taxgirl says: Thanks for writing. This is actually one of my pet peeves in tax policy. You don’t get a break for paying for private school tuition: if you pay for private or parochial…
Mitt Romney has said publicly that parents who home school their children should get a federal tax credit to help offset the expense of teaching. “I also believe parents who are teaching their kids at home, homeschoolers, deserve a break, and I’ve asked for a tax credit to help parents in their homes with the…
Remember that Staples ad where the parent runs down the aisle tossing school supplies into the cart while “It’s the Most Wonderful Time of the Year” plays in the background. That’s how I feel about this time of year. As the parent of three children, I love back to school. I crave the sense of…
You can’t turn around this time of year without seeing caps and gowns all over the place – even on TV. My own alma mater, Meredith College, was recently featured on CBS for its 2007 Commencement. All of this news about graduation and college makes me think about my own children – and how I…
Taxpayer asks: I hope you can suggest a course of action for what I believe is a 1098-T form error. The college is a public college. The 1098 provided does include the following items: Tuition, Activity Fee, Technology Fee, and College Fee. I have read IRS Pub 970 several times and in particular pages 34…
The next installment for my daughter’s private school tuition is due in about a month. We pay approximately $10,000 per year. It sounds steep, sure, but we are also the recipient of fairly low real estate taxes in Philadelphia. My friends across the river pay about $5,000 to 7,000 more in real estate taxes than…