Tax Deductions Help Ease The College Tuition Burden

The state is trying to make the cost of going to college a little more affordable through tax deductions. The Missouri Saving for Tuition – better known as MOST program – allows families to contribute money to an account for education after high school. State Treasurer Nancy Farmer says changes in federal law this year have made the program even more attractive to taxpayers. And, state law has made the program even more attractive. Earnings on the education accounts are free from both state and federal taxes. Farmer points out the money can be used for a traditional four-year university or community college or even a trade school. It can also be used to cover a variety of expenses from tuition to room and board.