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Tax Season Countdown Tax Tips: Tip #15 Education Incentives are Extended

 

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As a NJ CPA firm and and NY CPA  firm, we are dedicated with providing you the latest tax tips this season.

Here’s today’s tax tip:

The American Taxpayer Relief Act of 2012 extended several education tax breaks. The American Opportunity Tax Credit is extended through 2017. The law provides an above-the-line deduction in both 2012 and 2013 for qualified tuition and related expenses. The law also makes permanent the Coverdell Education $2,000 contribution limit.

For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at  info@bergencountycpa.com.

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