This can be an expensive time of year for anyone who is preparing to enroll children or themselves in school. There are so many things to buy and fees to pay, it is hard to manage the expenses unless you have taken the steps to counter the added expenses of school. When it comes to school, some tax-deductions can help ease the pain of paying for school.
First, this is first; some expenses that are not deductible. These include school uniforms, even if they are required, and the cost of private or parochial school tuition. Sorry to everyone who thought that by sending their child to a private school they would be able to deduct the tuition. Another non-deductible expense is moving cost for college. Since moving away for college is not moving for a job, it is not a deductible expense.
Now on to the good stuff, if you can separate your school tuition from any childcare component, then the cost can be deducted for any children up to age 13.This would include any before or after school programs.
Another large part of school is fundraising. The good news is that donations to the school are deductible, but when it comes to fundraising, it is limited. You can deduct your purchase from a fundraiser as a charitable donation, but you have to reduce the deduction by the fair market value of the produce you received in return for the donation.
School always has its expenses, but with a few extra steps and careful planning you can help reduce the expenses that come with this time of year.