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Deduct for College Tuition

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Many parents dread the tax season. They find out how much they owe in taxes and can become quite upset at the amount. Owing money in taxes is quite the drag. One way to eliminate high tax expenses is for parents to pay for the tuition of their children. If parents foot the bill for tuition expenses, then they are able to qualify for a $4,000 deduction on their taxes. This can be a great incentive for parents to pay for the education of their children. However, parents are unable to claim more than $4,000 in tax deductions for paying tuition expenses.

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Q: Deduct for College Tuition
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