According to this article from Accounting Today this week, “College students and their families could save up to $2,500 a year if they save receipts for necessary expenses such as textbooks and other course materials.”
As a college student in New York City over 10 years ago, textbooks and supplies were one of the biggest expenses I had each semester, besides my tuition expenses. It’s smart for students and their families to save every receipt and paperwork they have in regard to their college year, and talk to an accountant to find out how they can save money or deduct expenses when it comes time to file taxes.
From the article, “Under The American Recovery and Reinvestment Act of 2009 and extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a tax credit of up to $2,500 each year has been authorized for out-of-pocket higher education expenses for course materials, tuition, and fees for 2009 through 2012.”
To read more, check out the story here and start saving those receipts!