The American Opportunity Tax Credit (AOTC) — What It Is, and How Much You Can Claim

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In the course of your tax planning, it’s important to jump on as many opportunities as you can to pay the IRS less (legally, of course). And in this regard, tax credits are really your friend.

A tax credit is a dollar-for-dollar reduction of your tax liability. If you owe the IRS $2,000 but are eligible for a $2,000 tax credit, that debt is suddenly wiped out. And if you’re a student, you may have an opportunity to eke out some tax savings via the American Opportunity Tax Credit (AOTC).

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