There are a lot of things about US taxes that I don’t like, but one question always seems to hurt the most revolves around being childless. Why can a parent of a child get a tax deduction and/or credit for contributing to their child’s education, but we cannot get one for contributing to the education of a child that is not our own? It’s just not fair. Not having children, we have made the decision to help some kids in our lives with college expenses – but we get absolutely nothing for it. But a parent that does the same gets rewarded. I have a really hard time with this one.
Overall, I am having a really difficult time with taxes this year. We have tried to be responsible adults, but it seems that we just owe owe and owe some more.
It is hard to swallow so much that is happening in the US; it seems that we are a financially irresponsible nation.
((sigh))
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2 comments:
Don't feel so bad. You are not alone. I feel exactly the same and I live in Canada. I owe, I owe, I owe...is my refrain the last few years.
I'm currently in my fifth year of paying for kids' college (second kid), and we don't get to write off a penny of the college expenses, which amount to around $20,000 per year for an in-state college. I'm happy that you're helping out with this for someone, it's very generous. If you want a tax deduction, you could do it through a non-profit charity, but of course that wouldn't go to the child of your choice. I agree that there are a lot of things I don't like about our tax system, like why the very wealthy pay a lower percentage of their income in taxes than I do...
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