Is Private School Tuition Tax Deductible?

Parents who choose private school education for their children may wonder (especially around tax time!) if the costs can be deducted on federal or state taxes.  While some states (most recently, Louisiana) do offer some school tuition tax relief for families enrolled in private schools, the federal government does not make private school tuition tax deductible for all children, but there may be options for those with special needs diagnoses. IRS Deductions and Private Education According to the Internal Revenue Service, a student with special needs who has been diagnosed by a qualified medical or behavioral specialist, whose diagnosis and condition requires an education that cannot be provided by the public school and that is not funded by the school district may qualify for a … [Read more...]

Five Steps for Documenting Tax Deductible Charitable Donations

I have several friends who as part of their holiday celebration ask their children to go through their old toys and clothes and donate them to charity. I think this is a great way to teach our kids to think of others early in life. However, many of those families often fail to realize that their donation of money or used items might be tax deductible. It does not dilute the message of donating to charity; in fact, the tax deduction option is there to encourage more people to donate as a way of thanking them for making a donation. In order for a charitable contribution to be tax deductible, you have to do a little homework first. 1. You must donate to a qualifying charity. Most organizations will gladly tell you if your donation will be tax deductible. You can also do an online … [Read more...]