As college costs increase with no end in sight, more and more of your clients are struggling to find ways to lighten the tuition load. Luckily, there exist several beneficial tax deductions, credits and scholarships that can help.ABOVE-THE-LINE DEDUCTIONS
The Economic Growth and Tax Relief Reconciliation Act of 2001 created the option for parents of a dependent child or an independent student with earned income to take an above-the-line deduction (the taxpayer does not need to itemize) of up to $4,000 for education tuition and qualifying fees. Though it expired in 2006, the recently passed Tax Relief and Health Care Act of 2006 reinstated the above-the-line education tuition and qualifying fees deduction for 2006, and extended it for the 2007 tax year as well.
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