IRS publication 970 covers the topic of tax benefits for education. Who should read this publication? It holds interest for those who plan to get enrolled and save money for educational purposes. It is also a good read for those people, who are paying for their educational expenses.
IRS publication 970 also talks about the tax credit you can get and describes the situations when you become eligible to apply for it. It also explains how you fill out your tax form, if you got any grants, won scholarships, etc.
The publication gives the definition of people who are considered to be eligible students. It talks about ways to claim the tax credit and what expenses can be qualified for that purpose. It also talks about several different types of learning credits with all the ins and outs discussed in its chapters.
The document provides you with information on how your student loan interest rate can be deducted from your tax. This is a valid benefit you may get, if you properly make the deduction. It also provides detailed information on what tuition fees and expenses can be deducted from your taxes. If you are involved in work related education program, then you can also benefit from reading IRS publication 970.