In this episode of the Dollars and Sense Show host Carol Topp discusses tax breaks for homeschoolers. [display_podcast] Show Notes: There is no federal tax credit or deduction for homeschool expenses Some states do allow a deduction, usually on state income tax. Proposed in Ohio: Property tax deduction for homeschool expenses Arizona, Illinois, Indiana, Iowa, […]
Indiana Follows Federal HSA Tax Treatment: Health Savings Accounts offer generous deductions on Federal income tax for any deposits made to the account. Most states also offer the same deductions on state income taxes. However, since Health Savings Accounts were set up as a federal program, the individual states can choose to comply with the federal guidelines concerning tax treatment of Health Savings Accounts, or establish their own rules.