Tax benefits for single and working mothers
August 16, 2011
Mothers who are looking for the motivation to head back to college may not realize the extent of the benefits associated with investing in an education. Tax credits can be a helpful ally for mothers trying to further their careers and can help ease the burden of a costly degree program.
According to Project Working Mom, many low-income or single parents are eligible for a wide range of tax breaks that can help their bottom lines. Child tax credits, earned income credits and educational credits may help mothers see significant savings on their tax returns.
If you are paying interest on your student loans, this will also translate to additional tax savings. There are also credits available for low-income families called the Hope Credit and the Lifetime Learning Credit, which have been put in place to help individuals realize their educational goals.
With the wide array of federal grants for parents, college scholarships and tax incentives, there are ways to get around the overwhelming expense of higher education, but it will take hard work and plenty of research to find them.
