The effects of the recent economic recession and the relatively high unemployment rates that ensued are still felt across the country. According to “The American Workforce,” a survey conducted for The Springboard Project, approximately eight in ten workers, regardless of income or education level, show keen interest in pursuing further training and education.[i][ii] Fortunately, given the relative generosity of the U.S. Tax Code, there are several ways to deduct qualified educational expenses. For example, adults may be able to claim the Lifetime Learning Credit, 20% of the first $10,000 of qualified education expenses, for a maximum amount of $2,000.[iii] However, the income cutoff for Lifetime Learning begins to phase out for singles with modified adjusted gross income above $48,000 and couples above $96,000.[iv] (See IRS Publication 970). Luckily, there’s another option, and the focus of this article, which is deducting educational expenses as … Read the rest