IRS Reminds You To Save Your Receipts While Shopping For Back To School
UNDATED – With Back to school shopping right around the corner, you’re reminded to save your receipts.
The Minnesota Department of Revenue reminds parents that most school supplies could qualify for K-12 tax benefits on your 2014 Minnesota tax return.
Most expenses for educational instruction qualify, including: paper, pens and notebooks, textbooks, rental or buying musical instruments, computer hardware and software, after-school tutors, and educational summer camps.
To get the K-12 Education Credit, households with one or two kids must have an income less than $37,500. Households with three kids must have an income less than $39,500.
Last year, more than 53,000 families received the credit saving them an average of $265.
Parents are also reminded of the K-12 Education Subtraction. There are no income limits for this credit, and most parents qualify.