Can You Claim the Lifetime Learning Credit (LLC) for Your Taxes?

An important part of the tax-planning process is knowing what steps you can take to reduce your IRS bill year after year. And for many filers, that means capitalizing on tax credits.

A tax credit is a dollar-for-dollar reduction of your tax bill. If you owe the IRS $1,000 due to underpaying your taxes by that amount, a $500 credit will cut that liability in half.

There are two tax credits designed specifically for students -- the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). Both are extremely valuable in their own right, but the LLC is actually a lot easier to qualify for. Let's explore.

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Source Fool.com