The Minnesota Department of Revenue sent out a very useful information sheet on the K-12 Education Credit and the K-12 Education Subtraction.
In the world of tax, there are many credits available. Along with those credits come plenty of rules and limitations! Many of the higher income earners oftentimes miss out on a lot of the credits that are out there due to the household income limitations. If you’re a taxpayer with children and also a higher earner, the K-12 Education Subtraction could be just right for you!
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