Business Finance Marketing

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

It’s that time of year again with tax season is just around the corner and what ultimately comes to mind is “what tax deductions can I claim on my tax return?”

If you are self employed and own a home based business, then you may be interested in a brand new article I just posted on my website – It is all about self employed tax deductions for owners of home based businesses.

In this particular article there is also an important video about a wide range of claimable home business tax deductions, plus the article includes other relevant posts about self employed tax write offs to help you discover exactly what you, as a home business owner, can claim on your tax return for this year.

If you would like more information on claimable income tax write offs and a list of tax deductions, then head over to my website, WhatCanIDeductOnMyTaxes.com and maybe you will find some deductions that you didn’t realize that you are entitled to!