Chapter 13
(Almost) Ten Education Tax Breaks and Rules You Should Know About
IN THIS CHAPTER
Valuing retirement account contributions
Considering college savings plan tax breaks and drawbacks
Understanding college-related tax credits and deductions
The U.S. tax laws are unnecessarily complicated and extensive. But, it’s worth taking the time to understand how to make them work for you. And, the good news is that I’ve slogged through the details, so that you don’t have to, and I highlight what you need to know.
The tax rules and regulations include numerous breaks for parents of college students and some for young adults as well who have previously incurred college costs and taken out some college loans. Those who are knowledgeable about the tax laws and associated strategies can save themselves a lot of tax dollars. This chapter highlights ten things you should know related to educational expenses that can legally and permanently reduce the income taxes that you pay.
Contributing to Retirement Accounts
As a parent working and earning money, one of the financially smartest things you can generally do (unless you pay low federal income taxes), is to contribute to a retirement savings ...
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