At CampusBooks.com, we don’t sell, rent, or buy textbooks; instead, we deliver the information and resources that students and families can use to make the best choices when it comes to saving money on higher-education expenses.
Given that it’s tax season (just one month left until the April 15 deadline), we want to make sure that you’re up to speed on the important benefits available in the name of Tax Incentives for Higher Education. This information could mean up to $2,500 in tax credits for college students and their families. We urge you to do a few easy things to make sure that you get the most money back come tax time.
- Visit TextbookAid.org to find out the full details of the American Opportunity Tax Credit (very helpful is this IRS Q&A). If your parents or anyone else is involved in paying for your education, share this information with them.
- Know that textbook purchases now qualify as expenses under the program, but to get credit for them, you must have receipts showing your qualified spending. The IRS has expanded the definition of qualified spending to include “expenditures for ‘course materials.’ For this purpose, the term ‘course materials’ means books, supplies, and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance.”
Finally, we know that taxes are complicated so here’s a good overview and starting point to help you get the most back for your 2010 education expenses.