With a new school year on the horizon, Wadena-Deer Creek wants to remind parents and caregivers to save your receipts when you buy school supplies.
The State of Minnesota has two tax relief programs that can help families pay expenses related to a child's education: the K-12 Education Subtraction and the K-12 Education Credit.
Last year, more than 33,000 families received the K-12 Education Credit and saved an average of $250. Nearly 190,000 families got the K-12 Education Subtraction.
The programs reduce the tax that parents pay and could mean a larger tax refund when filing your state income tax return next year.
Most expenses for educational instruction or materials qualify, including:
- Pens and notebooks
- Rental or purchases of educational equipment such as musical instruments
- Computer hardware (hotspots, modems and routers) and educational software (up to $200 for the subtraction and $200 for the credit)
- Driver's education classes
- After-school tutoring and educational summer camps taught by a qualified instructor
For the complete list of qualifying expenses or to see if you qualify for the credit, go the Minnesota Department of Revenue website.