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Now, let's wait and watch if turn out to be whittle that down some more and more. How about using some relevant tax credits? Since two of your kids are in college, let's believe that one costs you $15 thousand in tuition. There is the tax credit called the Lifetime Learning Tax Credit -- worth up to two transfer pricing thousand dollars in this example. Also, your other child may qualify for something the Hope Tax Credit of $1,500. Speak with your tax professional for one of the most current useful information on these two tax 'tokens'.
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