Maximizing Educational Tax Benefits

Dr. Friday explains various education-related tax benefits, including student loan interest deductions, employee tuition assistance, and tax-free scholarships. She highlights income limits and how 529 plans can help families save for education. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Educational-related tax benefits. Let’s talk about student loan interest. If you make less than $90,000 as an individual, less than $185,000, you will be able to take up to $2,500 of interest. Employee tuition assistance—$5,200 is tax-deferred. If you have scholarships, some of that can be non-taxable and some can be used for tuition and fees. Make sure you’re maximizing these benefits, especially if you have kids in college. It’s expensive! So if you need help understanding what you can deduct and how a 529 plan can help, give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.