Good news if you’re a student or teacher: education deductions have been extended to 2014. If you’re paying for school, check out the American Opportunity Credit which can give up to $2,500 per student for tuition and fees, plus extra deductions for loan interest and tuition-related expenses. However, the deductions decrease as your income increases.
If you’re a teacher, you can still write-off up to $250 in out-of-pocket expenses for books and other school supplies. Considering a recent survey found teachers spend $485 out-of-pocket on school supplies, the extension will likely be a welcome deduction.
