Washington has delivered some valuable tax breaks over the past few years
If you have college-bound kids, we don’t need to tell you that the cost of college these days is staggering. Mercifully, Washington has delivered some valuable tax breaks over the past few years to parents trying to foot those bills. Here’s a rundown of what’s available.
The $4,000 (or $2,000) deduction
For 2016, you can deduct up to $4,000 of college tuition and fees paid for you, your spouse or any other person claimed as a dependent on your return. This is an “above-the-line” deduction, which means you don’t have to itemize in order to take advantage of the break. However, the $4,000 figure is the annual maximum, regardless of how many students may be in your family....