We all know that MBA programs are expensive. As we prepare for tax day, Forbes provides tips on taking advantage of tax breaks for financing your education and career change. Many people are already familiar with the opportunity to deduct tuition, fees and student loan interest, but a recent Forbes article also offers tax-related suggestions for those preparing to enter an advanced degree program, such as the MBA. Available to taxpayers of all ages and income levels, the 529 Program for Adult Education allows you to set aside money whose earnings will be tax free when withdrawn to pay for higher education.
Another helpful option for those preparing to earn an MBA is the Lifetime Learning Credit, which is worth $2,000 per year and can be used for courses to acquire or improve job skills—even if you’re taking just one class. Although your income must qualify, the number of years you can claim the credit is not limited, and you can use it for both undergraduate and graduate education.