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5 Back to School Tax Tips

It's time to celebrate back to school season without breaking the bank.
By TRACY BYRNES Aug 30, 2017 | 02:12 PM EDT

Video Transcript:

It's time to celebrate back-to-school season without breaking the bank. Private and parochial schools are not deductible and neither are their uniforms.  If you pay someone to care for your child, you  may qualify for the child care credit. It maxes out at $600 for a single kid.
 
Keep track of the time you spend fundraising and volunteering—it could count toward your charitable contributions.
 
If you teach K through 12th grade, you can deduct up to $250 of your out-of-pocket costs for classroom materials. You don't even need to itemize your deductions to get that break.
 
Have you started saving for college yet? Get on it. Open a 529 plan because withdrawals for school-related expenses are tax free and you even may get a state tax break when you put money in.
 
If your kid is heading to college the interest on that student loan may qualify for a tax break.

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TAGS: Education | Investing | Video | Taxes | Financial Planning | Personal Finance | Tax Tips | Retirement | Tax Planning | Going to College | Student Loans | Opinion

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