Maximize Savings with the Lifetime Learning Credit – Dr. Friday’s Tax Insights

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Maximize Savings with the Lifetime Learning Credit - Dr. Friday's Tax Insights
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In this ‘Dr. Friday Tax Tips – One Minute Moment’ episode, Dr. Friday illuminates the benefits of the Lifetime Learning Credit, a valuable tax break for education expenses. She explains that taxpayers can claim 20% of their first $10,000 spent on tuition and fees, potentially saving up to $2,000. Dr. Friday emphasizes that while living expenses and transportation are not eligible, costs like books, supplies, and even computers used for coursework can be included. For personalized tax assistance, she invites listeners to visit her website, www.drfriday.com, or call her office. Additionally, Dr. Friday hosts a live show every Saturday from 2 to 3 p.m. on 99.7 WTN, offering more expert tax advice.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

The lifetime learning credit lets you claim 20% of the first 10,000 you pay towards tuition and fees for a maximum of $2,000. Like the American Opportunity Tax Credit, the lifetime credit doesn’t count living expenses or transportation. Those are eliminated expenses. You can claim books, supplies needed for the course, also tuition, tutoring, computers, those all can be added back in. If you need help with your taxes you can go to my website which is www.drfriday.com, set up an appointment or call me 615-367-0819.

You can catch the Dr. Friday Call and Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.