September 27, 2006

Education Tax Breaks May Not Be Renewed

Posted in Student Loan News at 9:55 AM by Joe From Boston

The Washington Post is reporting that:

“Congress appears likely to leave Washington later this week without having extended several popular tax breaks that expired at the end of last year…Lawmakers … haven’t revived two other deductions claimed by millions of people: a deduction for college tuition and fees, and a separate deduction for elementary and secondary-school teachers and other educators. …Even if Congress does renew the provisions later this year, some lawmakers and IRS officials warn that delaying action that long will create major headaches for taxpayers — and the Internal Revenue Service.”

I can tell you from personal experience that these tax breaks can save you a LOT of money.  I claimed one of the educational tax breaks while paying for graduate school, and it allowed me to not pay taxes that year – that can be a lifesaver when you’re on a student budget and trying to make ends meet.

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