Use tax breaks to offset college expenses

The IRS has published facts about the tax deduction for
tuition and fees that is available to help parents and
students pay for post-secondary education. If you're
facing college expenses this fall, here's what the IRS
wants you to know.

* The deduction is up to $4,000 for single filers with
adjusted gross income (AGI) of $65,000 or less and
joint filers with an AGI of $130,000 or less. If
income exceeds these amounts, the deduction drops to
a maximum of $2,000 for an AGI up to $80,000 for
single filers and $160,000 for joint filers. No
deduction is allowed over these income thresholds.

* The deduction is "above the line," so you don't have
to itemize to benefit.

* You can't take the deduction if your filing status is
married filing separately.