Tax Tip

Your child just went off to college. You are in for a big tax credit called The American Opportunity Credit. Even if the tuition was borrowed, you, the parent is still eligible to take the credit provided that you are still giving more than 50% of the support of your child. The credit is a large one where you can receive up to $2,500 on the federal and another credit on the NY return as long as it’s the first 4 years of high education. If you need help with this or any other tax matter, visit our website at www.egtax.com or call 716-632-7886.