Students and their parents could save an estimated $466 per family by taking advantage of education-related tax breaks, according to a new study by the Government Accountability Office. Sadly, these breaks often go unclaimed, leading the American people to miss out on $76 million in potential savings. From The Chronicle of Higher Education:
The Government Accountability Office says that, since 2005, it has repeatedly found that millions of filers eligible for higher-education tax breaks have failed to claim them. In the report the GAO recommends that the Internal Revenue Service and Department of Education work together to develop a “coordinated, comprehensive strategy” aimed at better informing students about the benefits for which they are eligible.
Just another example of how loopy and incomprehensible the tax code is to most people, who would certainly like relief from tuition payments.
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