As back-to-school purchases head into high gear, the state Revenue Department is reminding you to save those shopping receipts. Spokesman Ryan Brown says there are two valuable K-12 tax benefits:
“K-12 educational credit does have income limitations but subtraction does not and most parents will qualify for that subtraction if they don’t qualify for the credit.”
Brown says last year, more than 19,000 families received the K-12 Education Credit and saved an average of $261. Nearly 130,000 families received the K-12 Education Subtraction with an average subtraction of $1,207.