As our students prepare to head back to school, many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. If you are facing that dilemma, here are some thoughts:
College Tax Savings: 2014 Edition Every little break helps
With the start of school just around the corner, it is hard to ignore the high cost of funding a college education. Thankfully, there is some help within the tax code. Outlined here are three of the more popular ways to reduce your taxes in 2014 as a result of this educational expense burden.
Typically you, your spouse, or a dependent who can be claimed as an exemption on your individual tax return
Tuition and fees, course-related books, supplies and equipment