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Good news if you’re a student or teacher: the education deductions have been extended to 2014.

So if you’re paying for school, make sure you check out the American Opportunity Credit. Students in their first four years of higher ed. may qualify for as much as $2,500. Now, there are also extra deductions for your loan interest and tuition-related expenses. However, like most of these deductions, the amount decreases as your income increases.

Oh and if you’re a teacher, you can still write-off up to $250 in out-of-pocket expenses for books and other supplies. Considering a recent survey found teachers spend $485 out-of-pocket on supplies, the extension will be a welcome deduction.

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