Do You Want To Go Back To College?
Between tuition, books, room, and board, college can get pricy really quick. Most people are already struggling to make ends meet, but working full time and going to school full time can make a serious dent in your pocket book. If you are tired of living on top ramen and tap water, maybe you should think about deducting some college expenses from your taxes at the end of the year.
Its true college is expensive. You’ve heard it since you were a kid and now you can see if for yourself. The good news is that you can go to school, get a degree, and come out owing very little money in the end.
There is a lot more to college than tuition and fees, though that is a good start. If you will be living on campus you will be paying room and board. There are school supplies to be bought, not to mention pricey text books. Some classes have lab fees or technology fees associated with them. Don’t forget you will need to take care of yourself too, so add in personal expenses, medical, and $.50 a load of laundry. As you can see the numbers add up quickly. This is why a budget is needed to help you decide what to spend and what to keep.
Text books, school supplies, and health care are not deductible. However, some of the mandatory fees may qualify as deductions. It is best to double check with your school or a tax professional to figure out exactly which expenses will qualify. You can put all of this into your budget for college.
There are many expenses associated with going to college, you have book, tuition, school materials and many more. There may be other expenses as well such as cell phone, gas, and insurance so don’t leave anything out. Take a look at your budget and see if you can make any sacrifices.
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