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MY EDMONDS NEWS 4 hours ago Nancy Ekrem With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are making noise in preparation for another fun-filled year of late breaking changes. Here is what we know now. For individuals Tuition and Fees Deduction eliminated. This oft-expired tax break is now permanently closed. Lifetime Learning Credit phaseouts increase dramatically. To help reduce the impact of the elimination of the Tuition and Fees Deduction, the income phaseout of this education expense tax break is...

A Guide to Educational Tax Credits and Deductions Kimberly Lankford © (Getty Images) Cropped shot of an attractive young woman going through paperwork while doing her budget at home College is expensive, but several valuable tax breaks can help ease the pain. You may be able to cut your tax bill by up to $2,500 if you're paying college tuition, and you may even get tax credits to help cover the cost of continuing education classes to improve your job skills. Interest you pay on student loans may be tax-deductible, and you can use tax-advantaged savings to pay for a computer...

See which tax credits you qualify for Bankrate 1/9/2021 © adamkaz/Getty Images A neighborhood in southern California where many homes have solar panels installed When it comes to saving money on your taxes, tax credits are one of the most valuable available methods. Tax credits are subtracted dollar for dollar directly from the amount of tax you owe the IRS. These credits are incentives that the government gives for behaviors or actions that they deem beneficial, like taking care of dependents, buying an environmentally friendly electric car or earning an income. How tax credits work Tax...