For living in the great state of Louisiana and educating your child – you may actually receive a tax break. Don’t get too excited, it’s not much – but in the world of taxes every penny counts.
This is a reminder to retain receipts for back-to-school items such as supplies, uniforms, and equipment required by schools. These purchases may qualify for tax deductions on 2014 Louisiana Individual Income Tax Returns due May 15, 2015. The deductions apply to educational expenses for public, private, parochial, and home schools. To claim the deductions, you must be able to claim the student as a dependent on your state individual income tax return, and you must be able to provide documentation for the expenses.
There are three income tax breaks under the Louisiana School Tuition and Expense Deductions:
Income Tax Deduction for Elementary and Secondary School Tuition – Allows an income tax deduction for amounts paid during the year for tuition and fees at a qualifying nonpublic elementary or secondary school. The deduction is for 100 percent of qualified expenses paid per dependent, limited to $5,000 per dependent per year.
Income Tax Deduction for a Quality Public Education – Allows an income tax deduction for the following expenses for a dependent enrolled in a public elementary or secondary school:
- Purchases of school uniforms required by schools for general day-to-day use
- Purchases of textbooks, curricula or other instructional materials required by schools
- Purchases of school supplies required by schools
The deduction is for 50 percent of qualified expenses paid per dependent, limited to $5,000 per dependent.
Income Tax Deduction for Home-Schooling Expenses – Allows an income tax deduction for amounts paid for the purchase of textbook and curricula necessary for home-schooling. The deduction is for 50 percent of qualified expenses paid per dependent, limited to $5,000 per dependent.