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Study tax angles on student loans

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in Small Business Tax

Did your child recently graduate from college? He or she may have to repay student loans.

If so, a debtor can deduct up to $2,500 of interest on student loans per year. But the deduction is denied if you can claim the child as a dependent. So your child might make only minimal payments until next year.

Note: The deduction begins to phase out if AGI exceeds an annual limit ($60,000 for single filers in 2009).

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