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A word on taxes

April 9th, 2010

If you have yet to file your taxes, you might find this tidbit helpful from the HSLDA:

From the HSLDA E-lert Service…
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Illinois–Tax Credit for Homeschools

Dear HSLDA Members and Friends:

If you homeschool in Illinois, you may be eligible for a state tax
credit of up to $500 for homeschool education expenses.

Naturally, there are rules that must be followed.  But a very quick
summary is that you may be eligible for a tax credit of 25% of what
you spent above and beyond the first $250 for certain types of
homeschool expenses.

Check out http://www.revenue.state.il.us/Publications/Pubs/PUB-119.pdf
for an explanation.

Keep in mind that a tax credit isn’t a government aid program.  A tax
credit simply allows you to keep more of your own money. “Voucher”
programs often come with many strings attached, or soon produce
strings. But tax credits are different.  They do not create an
opportunity for the government to control your homeschool program.
Homeschoolers can confidently and safely use the tax credit to help
their family finances.

Governments tend to abolish programs that people do not take advantage
of.  By claiming a homeschool education tax credit as allowed under
the rules, you send a message to lawmakers that this helpful program
should continue.

Since the average homeschool family spends roughly $500 per student per year, you can likely take advantage of this information. More record keeping, I know, but this one might have some financial benefit!
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