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You might be aware that you're eligible for a tax rebate for heading off to college, thanks to the American Opportunity tax credit. The credit, which was thankfully revitalized by the stimulus bill earlier this year, lets you write off 100% of the first $2,000 in college expenses, and 25% of the second $2,000 you spend.
Now, what's especially good about this credit is that it applies to all of your college expenses, not just tuition. Which means you can use the dough as greenly and efficiently as possible to stretch it out as far as possible. Here're a couple ideas:
Save paper by getting an e-reader like a Kindle, and download the presentations and reading materials to the device instead of opting for the traditional paper wasting, spiral bound readers.
Buy your books used, especially those that you plan on selling back at the end of the semester?an easy way to save yourself some bucks and reuse materials. Or, just cut through the red tape and straight up rent your college textbooks ?you'll save up to 75% of the listed price by doing so.
If you have to buy a bus pass or tickets to use public transportation to get to class, do it?that expense counts towards your tax credit as well.
I'm sure there are more ways to maximize your college expense tax refund; these are just a few to get you thinking. So be sure to think green when you're heading off to college, and bear in mind that you've got $2,000+ in potential tax savings.
Going green can save you money! For more on this topic, check out our eco-nomics feature.
