Thursday, September 24, 2009

IRS Launches New Tax Benefits for Education Information Center

The IRS is providing a new clearinghouse for information on education deductions and credits. This new section of their website, Tax Benefits for Education, contains a wealth of helpful advice on what tax reductions are available for students and their families. Two changes highlighted on the site are part of the American Recovery and Reinvestment Act (ARRA). The first change is that 529 plans, tax-free college savings plans and prepaid tuition programs, can now be used to buy computer equipment and services during 2009 and 2010. The second major change was the expansion of the Hope credit into the American Opportunity Credit that will allow more taxpayers to qualify for the credit. Also on the site is an audio file that explains a lot of what is in that section of the site. Well worth checking out.

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