Can you increase the amount of education credit and have an overall reduction on your taxes?
Did you know that if you’re in college and you’re taking an education tax credit, it may be to your benefit to include your scholarships, or pell grants and the benefits you’re receiving? It may be to your benefit to include those in your income.
By doing that you may increase the amount of education credit that you get and have an overall reduction In your taxes. It’s something that’s often overlooked even by professional tax preparers.
You might want to ask your tax preparer about it or come see me and we can see of course what the best thing to do is.