How Do I Deduct Student Loan Interest?
There are many college graduations happening this weekend and education may be on your mind. Did you know that there are tax benefits for which you may be eligible if you are paying education expenses for yourself or an immediate member of your family? In the rush to claim one of two education tax credits or the higher-education expense deduction, IRS statistics indicate that a more modest yet still significant tax break is often being overlooked: the higher education student-loan interest deduction. If you would like assistance deducting your student loan interest, call Wilson Toellner CPA . Our accountants at the Lake of the Ozarks are happy to help you with any question you may have about tax deductions. Keep reading to learn more about deducting student loan interest. How Do I Deduct Student Loan Interest? The student loan interest deduction for 2006 was the smaller of $2,500 or the amount of interest paid. The deduction amount may be gradually reduced or eliminated ba...