Some of my friends and family tease me about learning choices. You see I enjoy learning new things and at the same time meeting new people, so I take every opportunity to go on a course, seminar, workshop. Now this is not all bad because education tax credits can make the burden of paying for higher education easier. Whether you are the one going to school or your spouse, or your dependent, the IRS lets you claim these noncash amounts when <a href="http://www.taxhelpvault.com/recommends/page64.html">filing  federal income tax </a> returns. Mind you, they are not straight deductions because you do not get the full amount you spend, but a portion of  the total. That is why they are credits and not deductions. Essentially, you can use The Hope Credit or the Lifetime Credit to offset your costs of higher education. You cannot claim both credits for the same student in the same year, neither can you claim either credit if you deducted tuition and fees. If you are using <a href="http://www.taxhelpvault.com/recommends/page64.html">tax filing software</a> make sure you are reporting the correct amounts.

Here is a good article about reporting your income and deductions on this year’s income tax returns:

You can receive $1,800 of value with the  Hope Credit for each eligible student, in each year.

filing federal income tax, tax filing software
