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College Tax Deduction

There have been some new additions to the list of deductions you can take if you have paid college tuition. Starting out this year you can deduct up to $4,000.00 dollars of tuition paid. This is the maximum amount that can be claimed annually. The amount does not change based on family size or how many individuals in the family are currently enrolled in college.

Of course there are some requirements that must be met:

• If you are married, you must file jointly. You are ineligible for this deduction if you are married and file separately.
• If you are single your adjusted gross income must be below $65,000.00 to qualify for the whole amount. Your College deduction will be reduced as your income exceeds this amount

Pick a Community College that meets all your needs…

There are some courses in community college that help when you want to go on to a larger school. Many of the credits are transferable, and that means you don’t have to start all over again should you go to another school. Your local community college may have some two year degrees that stand alone, but other courses are made to prepare you for other things. Once you have gone through a year of this type of college, you may find the time to discover what you want to do with your life, and you can then go from there.

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