Q: We are sending our first child off to college. What do we have to keep track of for taxes?
A: To qualify for the College Education Tax Credit your dependent student needs to be attending a qualified school, at least, half time for at least half of the year. You will receive a 1098-T from the college next January which will report the tuition and scholarships that they receive. So you or your college student need to save the receipts for their text books. Please call our office with any questions on this or any other tax question.