Tricounty News

August 16 Update

Shopping for School Supplies? Save receipts!

Heading to the store for back-to-school shopping? Don’t forget to save receipts from all of your school supply purchases. By doing so, you could qualify for tax credits or subtractions on your 2013 state income tax returns.

There are two tax options that help families pay expenses related to their child’s education: the refundable K-12 education credit and the K-12 education subtraction. Both programs reduce the tax parents must pay and could provide a larger refund when filing a 2013 Minnesota Individual Income Tax Return. To qualify, you must have purchased educational services or required materials during 2013 to assist with your child’s education. Your child also must be attending kindergarten through 12th grade at a public, private or home school.

Generally, most expenses paid for educational instruction or materials qualify, including paper, pens and notebooks; textbooks; rental or purchases of educational equipment such as musical instruments; computer hardware and educational software; after-school tutoring and educational summer camps. There are no income limits to qualify for the education subtraction; income limits only apply to the education credit.

Quotes on Parenting:

• “What a child doesn’t receive he can seldom later give.” – P.D. James

• “There are two things we should give our children. One is roots; the other, wings.” – Hodding Carter

• “When you put faith, hope, and love together, you can raise positive kids in a negative world.” Zig Ziglar

• “Life affords no greater responsibility, no greater privilege, than the raising of the next generation.” – C. Everett Koop

• “You can discover more about a person in an hour of play than in a year of conversation.” - Plato