Back to school shopping? Save those receipts!

It’s that time of year again– back to school for the kids! If you aren’t already in the habit of doing so, we recommend you to save your receipts for school supplies for your K-12 children each year. Why? Your costs can help you save on MN taxes! There’s two different tax benefits available for K-12 education expenses; the K-12 subtraction where there are no income limitations, and the K-12 education credit, which is a valuable credit but can be limited by income. And school supplies aren’t the only thing that qualify either; rental for musical instruments, music or dance lessons, field trips, and even other costs count as well!

We recommend to just keep an envelope on your fridge or other easy place to keep your receipts throughout the year. This way, you don’t have to scramble to find them when it is time to prepare your taxes next year! Contact us today if you have questions on how this tax benefit can save you and your family some hard earned cash!