Question

Is it possible that I qualify for any tax credits like FAFSA tax credits If I paid my way through cosmetology school?

Answer

If your vocational school or institution school participated in the federal financial aid program, you can probably qualify for tax credits.

However, you won’t qualify for tax credits if you were reimbursed for expenses through:

  • Scholarships
  • Grants
  • Other reimbursement programs

To learn more, see the Free Application for Federal Student Aid (FAFSA) website at www.fafsa.ed.gov.

You might qualify to claim a business deduction if any of these describes the education expense:

  • Your employer requires it to keep your current job or salary.
  • It’s for maintaining or improving skills needed for your present work.
  • The law requires it.

You’ll itemize to claim the business deduction on Schedule A. If you’re self-employed, claim it on Schedule C.

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