Back to School Tax Tip #1

The most common deductions that apply to students are moving expenses and child care expenses.Girl graduating (Padgett)

Moving Expenses

You can deduct moving expenses if you move to attend courses as a full time student or if you moved to start a new job, including summer employment, or to start a business. Your new home must be at least 40 kilometers closer to the new school or place of work than the previous home. Moving expenses can only be deducted against awards, employment or self-employment income.

Child Care Expenses

Parents who are full-time students, or single parents who study full-time, can deduct child care expenses on their tax returns. Part-time students may qualify for partial deductions.

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