Often overlooked by taxpayers, tax deductions and tax credits are another way to save money for college. Deductions reduce taxable income and credits directly reduce tax obligation dollar for dollar, allowing taxpayers to keep more of their money to pay for college. For an overview of current education tax benefits, check out the comparison chart at http://www.finaid.org. For detailed tax filing information regarding tax benefits for education, see IRS publication 970: http://www.irs.gov/pub/irs-pdf/p970.pdf.
February 9th 2010