It is nice to know that investing in your textbooks can earn you a tax break with the federal government after every year. Whether you are a full-time student or a part time student, you can receive credit from textbooks bought throughout the year on next year’s tax return. Every year the government makes allowances and offers different types of tax breaks to students in terms of tuition, student loan and textbook credits.

How Much Can You Get Back?

This is an important fact to remember for students; every year that students prepare for their taxes a credit is available. The calculation can change with the new tax year but there is usually a credit available for textbooks purchased throughout the year

The federal government offers students a non-refundable tax credit each month; the credit is around $65 a month for full time students and $20 a month in for part time students.

Extra Money Helps Students

The government allows students to claim a percentage of this total, which can equate to a more than $100 back per year for full-time students and more than a $30 refund for part time students. Filing for the refund when doing your taxes takes only a few extra minutes; this time is certainly worth it later when you receive your return. The tax break for textbooks is not huge, but it is substantial enough to help with money for the month or the week.

Students can also receive additional refunds for tuition fees and loan interest as well; all these tax breaks for being a student can add up quite nicely in your tax return each year. When you buy textbooks for class it can be quite expensive so it does help to know that at least some of that money will be coming back to you in a tax break later in the year.