Best Accountants in Tomball, TX

The American Opportunity Tax Credit (AOTC), Lifetime Learning Credit (LLC), and student loan interest deduction offer significant tax savings for individuals with education expenses. The AOTC provides up to $2,500 per student for the first four years of undergraduate education, with certain eligibility criteria, including a refundable portion of up to $1,000. The LLC offers up to $2,000 per tax return for post-secondary education without a limit on the number of years it can be claimed, catering to both undergraduate and graduate courses, and is non-refundable. The student loan interest deduction allows for up to $2,500 of interest to be deducted for qualified student loans, with the benefit phasing out at higher income levels. These benefits, which cannot be claimed simultaneously for the same student in the same tax year, are designed to ease the financial burden of education, requiring accurate record-keeping and specific forms for claiming.