AS THE NATION CONTINUES TO GRAPPLE with the COVID-19 pandemic, many public school districts have continued to offer distance-learning programs, either full- or part-time. As a result, many parents are exploring options to gain more control and to best educate their children—from homeschooling their kids themselves to forming small co-ops with other quarantined families and hiring a private tutor.
But these options come at a cost. On average, homeschooling ranges from $700 to $1,800 per child per school year, according to Time4Learning.com, an online resource for homeschool families. That includes the cost of the curriculum, school supplies, field trips and extracurricular activities. There are, however, steps you can take to lower your costs.
Taxes. Although there are no federal tax deductions or credits for homeschooling expenses, some states offer tax breaks for homeschool households:
• ILLINOIS parents (or legal guardians) of a full-time homeschooled student younger than 21 may qualify for the Education Expense Credit for homeschool expenses totaling $250 or more.
• In INDIANA, the parents of a homeschooled elementary or high school age child may qualify for a $1,000 state tax deduction.
• Parents who homeschool in LOUISIANA may qualify for a tax deduction of up to 50% of qualifying educational expenses, not to exceed $5,000 per dependent.
Esta historia es de la edición November 2020 de Kiplinger's Personal Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 2020 de Kiplinger's Personal Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House matters—but only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.