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Higher education may pay off at tax time

Published On: Feb 12 2013 08:32:29 AM MST   Updated On: Feb 10 2015 09:01:47 AM MST
Piggy bank, graduation, college savings

iStock / kroach

For those looking to receive higher education, there's a payoff come tax time that will make you feel intelligent as well.

That's because you may be able to deduct eligible tuition and related expenses that you pay for either yourself, a spouse or a dependent.

It might be that you claim one or more adjustment to your income or you are eligible for the Hope or Lifetime Learning Credit.

Another option is claiming certain education costs as business expenses.

The deductions begin to phase out or are eliminated as taxable income rises.

For more information, check out the free IRS Publication 970.