As the April 15th Tax Deadline fast approaches don’t forget about the American Opportunity Credit. This credit which was part of the American Recovery and Reinvestment Act modifies existing education credits and makes them available to a broader range of taxpayers. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student. For more information visit IRS.gov.
The Canton Public Library and H&R Block have partnered to present a program on April 5 at 1 p.m. to help residents learn how the act affects them and how to prepare to claim these tax credits on their income tax form. Phyllis Wood, H&R Block Tax Specialist, will tell you how to plan for and document tax credits, what information you’ll need for your tax return and some of the differences between this year and last year’s allowances.