From Carol McAtee’s CPA firm in St. Petersburg, FL-
7. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar for dollar, unlike a deduction, which reduces your taxable income.
If you have questions about dependents or other tax related issues, please call us 727-327-1999. We’d be happy to assist you.
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