The $2,500 American Opportunity Tax Credit for college expenses was saved when Congress agreed on the deal to avoid the so-called “fiscal cliff.”
The tax credit can help families to get up to $2,500 tax credit in higher education related expenses annually for four years. The credit was introduced as part of the 2009 American Recovery and Reinvestment Act (ARRA). The credit was extended to apply for tax years 2011 and 2012 by the Tax Relief and Job Creation Act of 2010.
Learn more about how you can take advantage of the American Opportunity Tax Credit.