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Save your receipts for school supplies!

Minnesota Revenue offers two valuable tax benefits for parents who purchase school supplies for their K-12 students, the K-12 Education Credit and Subtraction. These benefits can reduce parents’ taxes to increase their refund, but is only available for those who keep their receipts. Purchases for most school supplies, field trips, and musical instruments for school band are eligible.

Most Minnesota parents qualify for the K-12 subtraction, which reduces their taxable income. Parents under certain income limits may also qualify for the K-12 credit, which can refund up to 75% of their costs – even for parents who don’t owe any taxes. Visit the Minnesota Revenue website at www.revenue.state.mn.us and type K-12 Education Credit and Subtraction in the search box in the upper right-hand corner of the webpage.

 
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Posted: Wednesday, August 9, 2017 - 14:39