What can I deduct from personal tax?

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I am a student that is 25 living in the state of Texas. I was wondering what I could deducted from my taxes to get the optimal refund.

I'm not married and do not have kids, I have a federal student loan for school, and dont own any property. Any advice or web sites you can direct me to would be greatly appreciated.

Also if I am taking online classes as well as classes on campus, can I deduct my internet as part of school?

What can I deduct from personal tax?

You should see if you qualify for either the tuition and fees deduction or an education credit. You can take whichever saves you the most tax, but you cannot claim both. More information can be found at the IRS website.

Your internet service does not meet the definition of qualified educational expenses, so it cannot be used in the computations.

While qualified educational expenses must be reduced for grants and scholarships, student loans do not affect the computations. Additionally, if you are paying interest on your student loans currently you can take a deduction for that. The student loan interest deduction can be taken in addition to the tuition deduction or credit.

What can I deduct from personal tax?

Since you are now 25, if you made more than $3400, your parents cannot claim you on their tax return.

This means at a minimum you will get both the standard deduction of $5350 and the personal exemption of $3400 to reduce your taxable income. If your income is low enough, you may be eligible for a few dollars of EIC (which starts at age 25 when you don't have kids).

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What can I deduct from personal tax?

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