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Practical Perspectives: Key financial issues for you and your family – Parents of college-bound son look ahead to tax time
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Description
Abstract: This issue’s “Practical Perspectives” introduces Allison and Jerry, whose oldest child is heading off to college in the fall. The couple wanted to get some specifics on how his college costs might affect their tax bill, so they paid their CPA a visit. She explained how recent tax legislation positively affected two notable education-related breaks: the American Opportunity credit and the above-the-line deduction for qualified tuition and related expenses.
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