Question

How might expenses for a college education reduce your tax liability?

Answer 1

Answer :- The expenses for a college education reduce the tax liability as the deduction of the college eduction is tax deductible expense . There is one thing that not all types of college expenses are tax deduction only the expenses of tution fees is tax deductible and it is deductible as per section 80C.

Now there is a one thing that tution fees of the children is not tax deductible. The tution fees is deductible atmost 2 children per assessee.Suppose there is a couple having more than two children then each assessee can a take a deduction of any two children and the expenses of tution fees of one child is taken only by the one assessee. And the deduction is to be taken only of his children.

answered by: anonymous