Federal Tax, Tax

Take Note of the American Opportunity Tax Credit

Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities that can help offset the rising costs of higher education, including the American Opportunity Tax Credit (AOTC). The AOTC provides a credit of up to $2,500 for post-secondary education expenses, per eligible student (not per tax return). So, taxpayers who are paying qualified expenses for more than one student may be able to take up to the full $2,500 for each one. The credit phases out at certain income levels. Contact us to learn how to get the maximum tax breaks available for your education expenses. © 2023