Lower Your Taxes - BIG TIME! 2023-2024: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider, 9th Edition

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Making Colleges Less Expensive with Tax Planning

Binghamton University Motto, “We’re only 207 road miles from Yale.”

—Tony Kornheiser, Washington Post

Chapter Overview

•   Understand why most people should set up qualified tuition plans for their kids’ future education.

•   Learn the great benefits of both the Lifetime Learning Credit and the Hope Tax Credit.

•   Understand the rules of deducting student loan interest.

•   Learn how to deduct up to $4,000 of college expenses.

Toward the end of her junior year, we were investigating colleges for my daughter. When I heard about the current tuition and fee rates, I was having an “out-of-body experience.” Most private schools charged between $24,000 to $38,000 per year for tuition alone! When ...