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Tax Insight: For Tax Year 2012 by M. Casey Murdock

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Education Expenses

You’ll Pay Dearly if You Play Hookie on This Chapter

You may ask why the government gives tax deductions and credits for higher-education expenses. One reason may be that a well-educated society is generally more prosperous, competitive, and successful. A more cynical rationalization might be that higher education generally leads to higher income, which leads to higher tax revenue—so the deductions and credits are a down payment on higher tax revenue for that person’s lifetime. Whatever the reason may be, the result is that there are some great tax benefits available for those who pay for higher education.

If you have had expenses ...

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