Education and Back to School

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Back to school sales, education tax credits, and education related expenses are all huge parts of our economic lives and the US economy. Florida offers Back to School tax free weekends, the US Government creates tax breaks for teachers, and other tax agencies create rules are school and education. College savings and other vehicles for funding education is a core part of financial and tax planning.

Back to School Education

Nothing has been stranger for families during the COVID-19 Pandemic than the adjustments to family and school life. In normal years, the fall is focused on back to school shopping, for clothing, school supplies, and the various accoutrements of modern American suburban life. In the 2020-2021 school year, high quality webcams, proper video conferencing tools, and a good home work environment have been critical to educational success.

Most Florida districts reopened relatively normally in August of 2020, South Florida had a more staggered process, with Broward and Miami-Dade Counties using remote and hybrid solutions significantly longer. Other areas of the country have struggled to find a solution to reopen schools and get students back in the classroom.

In Florida, we anticipate a relatively normal 2021-2022 education year, even if it is a little quirky. Parents in states with more severe restrictions may find that 2021-2022 remains a bizarre year, with normalcy taking another year to return. We expect that hygiene and cleaning supplies will remain on classroom lists for a few years, with some of the increased focus on sanitation will hopefully remain for the near term or medium term.

Taxpayers Claiming Education Credits Wait Until February To File

By |2021-03-17T10:27:59-04:00January 30th, 2013|Categories: Deadlines and Updates|Tags: , , , , |

If you are a taxpayer that claims one of the education tax credits- the American Opportunities Credit and the Lifetime Learning Credit- using Form 8863 you will need to wait until mid-February to file your return. 

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