We all know that MBA programs are expensive. As we prepare for tax day, Forbes provides tips on taking advantage of tax breaks for financing your education and career change. Many are already familiar with the opportunity to deduct tuition, fees and student loan interest, but the Forbes article also includes suggestions for those preparing to enter an advanced degree program, like the MBA. Available to taxpayers of all ages and income levels, the 529 Programs for Adult Education allows you to set aside money whose earnings will be tax-free when withdrawn to pay for higher education.
Another helpful option for those preparing to get an MBA is the Lifetime Learning Credit, which is worth $2,000 per year, and can be used for courses to acquire or improve job skills – even if you’re taking just one class. Although your income must qualify, there is no limit on the number of years you can claim the credit and you can use it for both undergraduate and graduate education.
Read the full article: MBA News: Unexpected Tax Breaks for MBAs
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