FOR IMMEDIATE RELEASE
ClassesUSA.com Public Relations
This Tax Season, It Pays to Get Educated
ClassesUSA.com® outlines potential tax breaks for students
New York, N.Y., March 24, 2008 – ClassesUSA.com®, a part of Experian and a free online resource that can assist prospective students in finding degree and certificate programs best suited to advancing their professional goals, today outlined several tax breaks that may be available to students pursuing higher education. Qualifying students will be happy to find that when it comes to earning a degree, Uncle Sam may be able to ease the financial burden.
“Earning a degree can open new doors both personally and professionally, but it also can be expensive,” said Stephen Semprevivo, president of ClassesUSA.com. “ClassesUSA.com encourages all students to explore money-saving avenues such as education-related tax breaks, as well as scholarships, grants, loans, work-study programs and fast-track program opportunities.”
The Internal Revenue Service offers three key tax breaks that can help offset the costs associated with higher education: the tuition and fees deduction, the Hope credit and the lifetime learning credit.
- The tuition and fees deduction reduces the amount of an eligible student’s income that is subject to tax by up to $4,000. That could result in big savings for working professionals who are also students.
- The Hope credit is a tax credit of up to $1,650 for an eligible student’s qualified expenses. Qualified expenses may include course-related books, supplies and equipment. Because it is a credit, this option actually reduces the amount of taxes an eligible person must pay rather than just reducing the amount of income that can be taxed.
- The lifetime learning credit is a tax credit of up to 20 percent of the first $10,000 paid for qualified expenses. That translates into savings of up to $2,000. The lifetime learning credit does not have an enrollment requirement, meaning students who are not pursuing a specific degree but are taking courses to acquire or strengthen job skills may be eligible.
Beyond these money-saving tax breaks, additional tax deductions may be available for students who itemize on their tax returns. In some cases, supplies, books and other expenses incurred as a college student can translate into tax deductions. Students should consult a tax professional to discuss their options.
This press release is for general information only and does not constitute tax advice. Please consult your tax adviser for tax advice matters with respect to the information contained in this press release.
ClassesUSA.com is part of Experian InteractiveSM and is a free online resource that can assist prospective students in finding degree and certificate programs best suited to advancing their professional and personal goals. Each month, more than 2 million adults visit the site, which boasts more than 200 accredited college and university partners. As a leading online higher education portal, ClassesUSA.com has fostered strategic content partnerships with a multitude of portals and Web sites since entering the online higher education marketplace in 2001. ClassesUSA.com also publishes Learning® (formerly Online Degrees®), a biannual national magazine designed to empower adults considering higher education as the tool to advance themselves both personally and professionally. For more information, visit the company’s Web site at http://www.classesusa.com.
Experian® is a global leader in providing information, analytical and marketing services to organizations and consumers to help manage the risk and reward of commercial and financial decisions. Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organizations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage. For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence. Clients include organizations from financial services, retail and catalog, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.
Experian Group Limited is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. It has corporate headquarters in Dublin, Ireland, and operational headquarters in Costa Mesa, Calif., and Nottingham, UK. Experian employs approximately 15,500 people in 36 countries worldwide, supporting clients in more than 65 countries. Annual sales are in excess of $3.8 billion.
For more information, visit the Group’s Web site on www.experiangroup.com.Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein may be the trademarks of their respective owners.