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.
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