A man in a suit holds a wad of bills and a sign that says "Social Security." — You can save a lot of money if you find this out from the IRS | Grok

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Proven: This from the SSA about the IRS is life-changing for Americans, what a relief

Taking advantage of SSA's resources, this will be a great support for the economy of millions of American families

20/05/2025 17:59:00h

Miguel Cuartas Ortego

In the United States, many families face economic challenges, especially when it comes to funding their children's education. However, there are programs and benefits that can make a big difference. The Social Security Administration (SSA) and the Internal Revenue Service (IRS) offer tools that help alleviate the financial burden and optimize family finances.

Free tax filing assistance: SSA steps forward

For those with low or moderate incomes, the IRS provides programs like VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly). These services offer free tax return preparation, ensuring that taxpayers take advantage of all available benefits and avoid overpaying the US Government.

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Families with students can access significant tax credits. The American Opportunity Tax Credit offers up to $2,500 per eligible student during the first four years of higher education. Meanwhile, the Lifetime Learning Credit provides up to $2,000 annually for postsecondary education or job training courses, with no limit on the number of years.

Tax-free education savings accounts

Coverdell ESA accounts allow saving up to $2,000 annually per beneficiary. Although contributions are not deductible, the funds grow tax-free and can be used for qualified educational expenses, from elementary to college.

The FAFSA form is essential for accessing scholarships, loans, and work-study programs. It is free and available to all students, regardless of family income. Submitting it on time can open the door to more than $120 billion in federal aid.

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US Government's goal: it's crystal clear

These initiatives reflect the US Government's commitment to supporting families in their pursuit of a better quality of life. By providing tools and benefits, the aim is to promote education, reduce the tax burden, and strengthen the country's economy.

Among the existing tips to take advantage of these benefits are getting informed about the programs available on the official IRS and SSA websites. Consulting with a tax or financial advisor to maximize benefits is recommended.

Also, submitting the FAFSA as soon as possible to increase the chances of receiving aid. Considering opening a Coverdell ESA account to save on education.

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