Tax Breaks for College Costs
By Jodi Okun
Federal Tax Credits
These Federal tax credits directly offset any taxes owed on an income tax return. Under certain circumstances, these credits may even be refundable to the taxpayer.
Federal Tax Deductions
While these tax deductions aren't as hefty as tax credits, they can still substantially reduce a parent or student's taxable income.
Other Tax Benefits
Other tax topics that can assist parents and family members in lowering their tax bill when helping someone get a college education.