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Today on MyMoneyLife with Chuck Bentley

Thursday, November 5, 2009

Education Tax Breaks

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Got a testimony or question for Chuck? Send it to ChuckBentley@Crown.org.

Chuck Bentley Okay, the job market’s tough and it’s not likely to improve any time soon. So, it’s a great time to go back to school for additional training to expand your skill set.

These days, it’s all about being more productive and valuable to your employer.

And with the growing federal deficit, tax breaks are likely to become few and far between, so you might want to take advantage of an existing education deduction while you can.

For some career-related education expenses, you can deduct as much as $4,000. Here’s what you need to know, according to SmartMoney.com:

You must have a high school diploma or a GED to claim the deduction.

You must attend a school that offers college level work or a professional credential, even though you don’t actually have to pursue a degree or credential to be eligible for this deduction.

Qualified expenses include tuition, fees, books and other course materials, but only if you’re required to purchase those materials from the school.

Now, the amount of your deduction depends on your income and some other factors, and it’s too complicated to go into here. But, you can get the details in IRS Publication 970, Tax Benefits for Education.

And if you decide to go back to school, make sure your boss knows that you’re taking the initiative to be more productive. It’s a tough job market, so you want to do everything possible to hang on to the job God’s given you.

For more ways to manage money wisely, I hope you’ll visit us online at Crown.org.

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Avoid College Debt

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