Deducting school tuition and fees

As parents and kids return to school, some of us are thinking ahead and wondering what we can deduct from our tax returns next year for this year’s school expense.  One deduction worth looking at is the tuition and fees deduction.  This deduction is available even if you do not itemize on your tax return – it is an adjustment to income.  It is also available even if you had help from a student loan, scholarship or grant.  You can deduct up to $4,000 from your taxable income provided your adjusted gross income is less than $80,000 ($160,000 for a couple).

For more information read, “Back To School: Taking Advantage Of The Tuition & Fees Deduction.”