Don’t Forget the $150 Drivers Education Tax Credit

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Don’t Forget the $150 Drivers Education Tax Credit

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February 13, 2014

Who knew? The Driver School License Training Act actually exists.   This is why Your Smart Money Moves is a top ranked blog.  We stay on top of these things so you can improve your bottom line.   You’ll be filing taxes soon, and if you live in the State of Georgia and have a child who took drivers education you can be eligible for this nice little tax credit.   As long as you took courses from a private school, you’ll be eligible for this 2013 state tax deduction.

O.C.G.A. 48-7-29.5 (2010)
48-7-29.5. Tax credit for private driver education courses of minors; required documentation; rules and regulations

(a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 with respect to the amount expended by such taxpayer for a completed course of driver education for a dependent minor child of such taxpayer at a private driver training school licensed by the Department of Driver Services under Chapter 13 of Title 43, “The Driver Training School License Act,” except as otherwise provided by this Code section. The amount of such tax credit per dependent minor child of a taxpayer shall be the actual amount expended for such course, or $150.00, whichever is less.

(b)
(1) The tax credit provided by this Code section shall be allowed not more than once for each dependent minor child of a taxpayer.
(2) In no event shall the aggregate amount of the tax credit provided by this Code section exceed the taxpayer’s income tax liability.

(c) No credit shall be allowed under this Code section with respect to any driver education expenses either deducted or subtracted by the taxpayer in arriving at Georgia taxable net income or with respect to any driver education expenses for which amounts were excluded from Georgia net taxable income.

(d) No credit shall be allowed under this Code section unless the taxpayer has obtained written proof of the successful completion of the course of driver education by the dependent minor child and the amount expended by the taxpayer for such course. (source:www.statute.laws.com/Georgia)

On top of those savings, if you just send a copy of the Teen’s Drivers Ed Certificate to your property & casualty agent, you’ll likely be able to get another 10% off the insurance bill.  Add those savings up and you could put another $300 or so back in your pocket.   How do the rich truly get rich?  Part of it is that they know how to turn nickels into dimes by being aware of all the options available to them for savings and making money.   Consider this my quick and easy nickel to add to your piggybank!

Written by:
Ted Jenkin

Request a FREE consultation: www.oxygenfinancial.net

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