Lifetime Learning Credit
Here is another example of an opportunity to not only make an investment in yourself, but receive a tax credit now for courses you pay for before the due date of your 2016 tax return. The lifetime learning credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent. Generally, the credit is allowed for qualified education expenses paid in 2016 for an academic period beginning in 2016 or in the first 3 months of 2017.
As long as you have expenses paid to an eligible educational institution you can receive a non-refundable tax credit equal to 20% of the first $10,000 ($2,000 max) spent on education. With today's fast moving society, the skills employees need to stay relevant are continuously evolving. Continual education is becoming a near certainty and taxpayers may have several career skill-sets throughout their lives. The Lifetime Learning Credit is not only a benefit tax-wise, but may be a factor cushioning the blow of the cost of higher education. The would-be student can act now as they review their taxes and receive a much greater bang-for-the-education-buck.