Taking advantage of 2015 tax credits, deductions

Posted at 8:32 PM, Jan 26, 2016
and last updated 2016-01-26 22:32:05-05

There are several tax deductions and credits extended through the 2015 tax year, and there's a good chance some of them affect you.

If your kids are in college you can get up to $2,500. That means up to $10,000 over four years.

It's the American Opportunity Tax Credit.

If you file single there's an $80,000 income limit.  Double that number if you're filing jointly.

But what if you're just over the limit?

Certified Public Accountant Sandy Abalos says there's a way around that.

"If you make contribution to your IRA you bring your income down and boom! You qualify for the credit," she says.

You have until April 18 to make that contribution towards 2015.

There's also good news for teachers who spend so much of their own money educating our children.

"You can take a $250 deduction per year for classroom supplies," Abalos says.

That goes for principals and classroom aides too. You're eligible whether you itemize deductions or not.

And if 2015 was the year you bought a home you can deduct mortgage interest and taxes, as well as private mortgage insurance payments.

That's a fee tacked on to your monthly mortgage payment, usually if you put down less than percent on your house.

If your adjusted gross income is less than 100,000 you can use it to lower your tax bill.

And you'll have a few extra days to file this year with tax day falling on April 18.

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